After 59 years in business, electronics retailer Circuit City Stores filed for Chapter 11 bankruptcy protection Monday. The company said that it has gotten a commitment for a $1.1 billion debtor-in-possession revolving credit line that will allow it to pay vendors and operate business as usual as it restructures. Circuit City plans to emerge from bankruptcy in first-half 2009. The company disclosed $3.4 billion in assets and $2.3 billion in liabilities.
SIRIUS XM DELAY
Sirius XM Radio said Monday that it took a $4.8 billion impairment charge on the reduced value of assets and said that it would delay the filing of quarterly reports "for not more than five days." Without the hefty charge, and assuming the merger with XM was in place a year ago, Sirius reported revenue that climbed 16% to $612.8 million.
CC Q3 LOSS
CC Media Holdings, the parent company of Clear Channel, on Monday reported a third-quarter loss of $90.2 million, compared with a $279.7 million profit a year ago. Revenue declined 4% to $1.7 billion on a 7% drop in the radio business and 0.5% outdoor decrease.
TRIBUNE REVENUE SLIDES
Tribune reported a third-quarter loss from continuing operations of $124 million, reversing a year-ago profit of $84 million. Revenue fell 10% to $1 billion. "We are operating in an exceptionally difficult financial and economic environment," Tribune chairman and CEO Sam Zell said.