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November 10, 2008

Good to Gone -- Update: Circuit City Files for Bankruptcy

To update my post on "Good to Great" companies that are now "good to gone", Circuit City filed for bankruptcy this morning. Add it to the list.

The petition for Chapter 11 protection in U.S. Bankruptcy Court in Richmond, Virginia, listed $3.4 billion in assets and $2.32 billion in liabilities, driving the shares down 56 percent before the New York Stock Exchange halted trading. The company said it is entering court protection owing Hewlett-Packard Co. $119 million and Samsung Electronics Co. $116 million.

[via Bloomberg]

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