Circuit City seeks bankruptcy, owes $15,4M to Garmin



Circuit City seeks bankruptcy, owes $15,4M to Garmin
On Tuesday this week U.S. consumer electronics retailer Circuit City sought Chapter 11 protection in U.S. Bankruptcy Court in Richmond, Virginia. Last week Circuit City announced it would close around 10% of its 1,500 stores; this announcement and the fact the company also announced liquidity problem, accelerated its bankruptcy because vendors cut off credit and demanded up-front cash for shipments.

The company owes $15.4 million to Garmin, revealed the bankruptcy filing. Its biggest debt is to Hewlett-Packard ($119 million) and Samsung ($116 million).

Wednesday, November 12th 2008


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