Circuit City Goes Bust

Looks like the recession has claimed its latest victim in Corporate America – and this time round, the victim is Circuit City Stores Inc. who has just filed for bankruptcy. In their Chapter 11 petition, Circuit City Stores Inc. listed up to $3.4 billion in assets and $2.32 billion in liabilities, more than halving its share value before the New York Stock Exchange intervened and halted trading. The company is currently in debt to Hewlett-Packard Co. ($119 million) and Samsung Electronics Co. ($116 million), although they do have the benefit of court protection. Another one bites the dust – who dares to venture who is next?