Circuit City has filed for bankruptcy about a week after it said it would close 20 percent of its stores.

It's offical, today Circut City filed for Chapter 11, as reported in the Wall Street Journal HERE. After the reisgnation of its CEO, dismal quarterly reports, and the company's chose to hire FTI consulting a "turn around specialist" as discussed HERE in a Bloomberg article.

Sad reality is.... they're not alone, the recent list of retail stores to file for Bankruptcy protection includes:

Levitz Furniture, Mervyn's, Sharper Image, Performance Team Freight, Hollywood Video, Linens n Things, Bed Bath and Beyond.

As an aside, if you purchase big ticket items don't forget to buy or check on the avability of buying a warrenty from the maker not Circut City's extended warrenty plan, and also don't forget to use your gift cards up!