James A. Marcum

Circuit City this week terminated several top executives, including their COO, general counsel and vice president of human resources.

Circuit City on Monday announced that it will file to reorganize under Chapter 11 in U.S. Bankruptcy Court. The company also said it plans to continue operations.

Circuit City Monday confirmed plans to immediately close 155 U.S. stores, as part of a wide-ranging bid to restructure and gain liquidity. The troubled retail chain will also reduce future store openings and renegotiate some leases.

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