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USA - Circuit City Files for Chapter 11 Protection

Circuit City Stores, the  second-largest consumer electronics retailer in USA, said yesterday that tightened credit and rapidly declining consumer spending have forced it to file for bankruptcy protection, underscoring the perils facing retailers as they head into the crucial holiday season during the worst economic crisis in a generation.

The retail industry in USA has been rattled over the past year as shoppers slashed their spending by the largest amount in nearly three decades. Sales in nearly every category have plummeted as Wall Street imploded and housing prices remained depressed. Holiday sales are expected to have their weakest growth in years. Circuit City was the latest in a long line of retailers to fall this year.

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