Circuit City Stores CCTYQ.PK filed for Chapter 11 bankruptcy on Monday, citing tougher credit terms from vendors and market share losses to rivals such as Best Buy Co.
A lookback to Circuit city:
In December 2006
Circuit City reports a surprise fiscal third-quarter loss after it cut prices on hot electronics
In January 2007 to December 2007:
Circuit City says it is closing about 70 international stores
Circuit City’s Chief Financial Michael Foss might leave the company in April
Circuit City posts a fiscal fourth-quarter loss on store closures
Circuity City asks former employees were replaced by lower-paid workers earlier in the year.
In January, 2008:
December sales at stores open at least 12 months fell 11.4 percent due to US economy
Entertainment industry investor Mark Wattles indicated a filing that firm had acquired 6.5 percent stake in Circuit City
In September 2008:
Circuit City reports a wider fiscal second-quarter loss
Circuit City receives notice from NYSE that it does not comply with listing standards since its closing stock price has been less than $1.00 over 30 consecutive trading days.
In November 2008:
Circuit City announces plan to liquidate and close 155 of its U.S. stores.
Circuit City files for Chapter 11 bankruptcy protection, shares delisted from NYSE