Circuit City (CC) is now trading at 11 cents. CC beat the Christmas rush by filing Chapter 11.
Circuit City Stores Inc. filed for bankruptcy amid rising competition from Best Buy Co., Wal-Mart Stores Inc. and online electronics retailers.
The petition for Chapter 11 protection in U.S. Bankruptcy Court in Richmond, Virginia, listed $3.4 billion in assets and $2.32 billion in liabilities, driving the shares down 56 percent before the New York Stock Exchange halted trading. The company said it is entering court protection owing Hewlett-Packard Co. $119 million and Samsung Electronics Co. $116 million.
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Peacenik can't keep track of the carnage and doesn't have a lot to say. What can you say? How is this going to get turned around? Mish is very pessimistic.
