Circuit City Sales Slump After Bankruptcy Filing

An attorney for Circuit City told a federal bankruptcy judge today that the company's sales have dropped between 40 and 50 percent since filing for Chapter 11 reorganization last month.

The sales numbers came during a hearing in which a judge gave the Richmond electronics retailer approval for $1.1 billion in financing to keep operating, according to the Associated Press. The money will be used for merchandise and employee payroll.

Circuit City shares are trading at 17 cents today.

-- Michael S. Rosenwald