Circuit City Seeks Bankruptcy Protection

Any retailer that was weak before the economic downturn appears likely to end up as one of its victims. The latest example is Circuit City, one of the nation's largest electronics retailers, which filed for bankruptcy protection on Monday after months of declining sales. The company said bankruptcy reorganization would help it win back vendors worried about being paid, and that a $1.1 billion line of credit would keep goods flowing to Circuit City stores through the crucial holiday season. But outside experts said the prospects of long-term survival for a chain in Circuit City's position were bleak.