Circuit City Stores Inc. filed for bankruptcy protection on Monday as it heads into the busy holiday season.

Circuit City is Amerca's second largest electronics retail chain and a Fortune 500 company with around 700 Superstores across the country and many retail stores and dealer outlets in Canada.

On November 3, 2008 Circuit City announced that it would close 155 stores and lay off 17% of its workforce.

On Monday Circuit City filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code.

Circuit City shares lost 56 percent on Monday after the announcement.

As of August Circuit City has $3.4 billion in assets and $2.32 billion in liabilities and is hoping to exit court protection by mid 2009.