When I spoke with prof. O’Keefe about Circuit City shutting down 155 stores he said they might soon file for Chapter 11. That came true this morning. Richmond, VA based Circuit City and a VCU Brandcenter favorite brand has filed for bankruptcy. According to prof. O’Keefe CC had several bad real estate leases they couldn’t get out of which kept many from being tempted to buy them over. Bankruptcy might have been the only way to salvage any of it’s value.
Circuit City files for Bankruptcy