The second-largest electronics retailer in America filed for bankruptcy today. Circuit City Stores, Inc., facing threats of refused delivery from vendors for the approaching holiday season, made the decision to file for Chapter 11 in an attempt to buy itself some time to develop a plan for restructuring.

According to acting president and CEO, James Marcum, the action “should provide us with the opportunity to strengthen our balance sheet, create a more efficient expense structure and ultimately position the company to compete more effectively.” Before being halted on Monday, shares of the company decreased in value by over fifty percent.

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