Circuit City Files for Bankruptcy Protection

[softball]

It just gets weirder and weirder....

NEW YORK (CNNMoney.com) -- Circuit City Stores Inc., the No. 2 electronics seller after Best Buy, filed for bankruptcy protection Monday, hoping the move will allow it to stock its shelves in time for the crucial holiday shopping season.
The move comes about a week after Circuit City said it would close 155 stores as it deals with a worsening economic downturn that has left more consumers with less money to shop. The company intends to keep its remaining stores open through the bankruptcy procedings.
Circuit City (CC, Fortune 500) said it decided to file for bankruptcy at this time to ensure that it would have "adequate merchandise flow to stores during the important holiday season."
The retailer said consumers should continue to shop at its stores.
"Chapter 11 is not a closing or liquidation," the company said in an e-mail to CNNMoney.com. "We remain committed to doing a better job of taking care of our guests, and making it easier to shop at Circuit City."
For anyone that's on the hunt for a sweet deal on a flatscreen TV, Circuit City spokesman Jim Babb said it's "safe to assume" that consumers can expect deep discounts on TVs and other products in those Circuit City stores that are being liquidated.
In the rest of its stores, Babb said the company's prices will remain competitive with the market over the coming weeks.
Circuit City said it is seeking approval from the bankruptcy court to honor customer programs such as returns, exchanges and gift cards. "Approval of such programs normally is granted," the company said in the e-mail.