Circuit City Looking for Buyer to Avoid Going Out of Business
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A bankruptcy judge has ruled that Circuit City may sell its assets and the retailer warned that if it didn’t find a buyer by the end of the week, it could go out of business. The company would prefer that it be bought intact.
Analysts have said for weeks that the Richmond-based company, which closed 155 stores in the final months of 2008 in wake of its Chapter 11 bankruptcy protection filing, could be the first casualty of what has been described as one of the worst holiday shopping season on record.
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