U.S. Bankruptcy judge today gave final approval for the $1.1 million debtor-in-possession financing for Circuit City Stores Inc., so the Henrico County-based retailer can continue its operations.
During today's hearing in Richmond, Circuit City attorney Gregg M. Galardi said that holiday sales were down more than 40 percent.
Yet to be heard today is a petition by the retailer for permission to void employment and severance contracts, which are "financially burdensome and unnecessary" to the company.
Circuit City did not say in court filings how much it would save if the contracts were voided.
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