Circuit City Stores Inc. filed for bankruptcy protection today. Under Chapter 11 protection, the electronics retailer can keep operating while it develops a reorganization plan. Its Canadian operations also filed for similar protection.
The company also said it cut 700 more jobs at its Richmond, VA, U.S., headquarters, after announcing a week ago that it would close 20% of its stores and lay off thousands of workers.
Circuit City also was granted interim approval to abandon 150 leases at locations where it no longer operates stores, which it said costs $40 million annually.
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