The ailing economy is rippling through the tech arena in the form of layoffs, cutbacks, and consolidation.
Struggling electronics chain Circuit City announced that it has filed for chapter 11 bankruptcy protection, allowing it to hold off creditors while it attempts to restructure its finances. Circuit City on Monday said it has negotiated a commitment for a $1.1 billion debtor-in-possession revolving credit facility to supplement its working capital.
Circuit City announced earlier this month that it would shutter 155 stores and lay off 17 percent of its workforce. The retailer said it will eliminate an additional 700 positions in … Read more