USA: Circuit City facing bankruptcy

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Circuit City has filed for Chapter 11 bankruptcy protection, but the firm has promised to continue trading over the Christmas period with the assistance of a $1.1 billion debtor-in-possession revolving credit facility.

Making the announced, vice chairman and acting president and chief executive of Circuit City, James Marcum said: "We recently have taken intensive measures to overcome our deteriorating liquidity position."

To read the full story, head over to PC Retail.

The move comes in the wake of recently announced store closures, and an abandoned takeover bid from Blockbuster.