NEW YORK - November 10, 2008 - Circuit City Stores has filed for bankruptcy, about a week after it said it would close 20 percent of its stores.

The Richmond, Virginia-based electronics retailer has been struggling, as nervous consumers spend less and credit becomes tighter. It filed for bankruptcy protection on Monday.

Chapter 11 protection typically allows a company to hold off creditors and operate as normal while it develops a financial reorganization plan.

Circuit City says it has more than $1 billion in assets and more than $1 billion in liabilities. Courts do not require companies to provide more specific figures in filings.

The company says it anticipates it would have money to distribute to unsecured creditors, who get paid last.