Circuit City Files for Chapter 11 Bankruptcy Protection
The financial crisis has claimed another victim. Circuit City says it filed for Chapter 11 bankruptcy protection this morning. The filing will allow the nation's second largest electronics retailer to hold off creditors and continue operations while it develops a reorganization plan. Circuit City operates several stores in our region, including two in the Lehigh Valley and one in Berks County. A second Berks County store is now under construction in Exeter Township. It's scheduled to open next year. [ NEWS RELEASE ]
The company also has a distribution center in Northampton County. The company announced plans last year to close that facility and open a new distribution center near Scranton, but officials say that plan has since been put on hold. Also last year, the company replaced 3,400 store workers across the country with lower-paid employees. Just last week, Circuit City announced plans to close 155 stores across the country. None of those is in Pennsylvania.
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