Even after shutting down
155 retail stores and announcing plans to cut around 17-percent of its 43,000 employees, Circuit City couldn't avoid the dreaded bankruptcy court. Today, the Virginia-based company (along with 17 affiliates) petitioned for Chapter 11 protection in Richmond as it attempts to survive under the crushing pressure from Best Buy
. Beyond that, details about the outfit's future are unclear, though Best Buy has reportedly stated that it "might take over stores that distressed rivals close." Please, no.
, image courtesy of AFSmith
; thanks Daniel]