Citigroup announced that employees with more than 10 years’ experience are losing their supplemental severance payment package that added weeks of base pay to their severance package and that Citigroup is planning to eliminate 52,000 jobs.

Days before LandAmerica 1031 Exchange Services Inc. declared bankruptcy, the troubled business was still accepting money from customers. Now that money is tied up and allegations of fraud, misconduct and breach of contract have been leveled against the unit, a division of Henrico County-based holding company LandAmerica Financial Group in U.S. Bankruptcy Court.

Major creditors in Michael Vick’s bankruptcy case have objected to his disclosure statement, arguing that it lacks sufficient detail about his finances and prospects of returning to the NFL. A committee of creditors, including the Atlanta Falcons, filed the objection today in U.S. Bankruptcy Court in Newport News. A hearing on whether the disclosure statement should be approved is scheduled for next Tuesday.

Nearly 600 laid-off workers at Circuit City Stores Inc. won the right to continue receiving a pay check and benefits yesterday. In a series of decisions during a hearing in U.S. Bankruptcy Court in Richmond yesterday, the Henrico County-based retailer also won approval to auction off leases at stores it is closing as well as to walk away from lease obligations at locations it no longer operates. Doing so could help the chain save as much as $46 million.

With a bankruptcy court judge’s approval, Goochland County-based The RoomStore Inc. hopes to close its purchase of Mattress Discounters by today. The deal is worth as much as $4.5 million, according to Brian D. Bertonneau, senior vice president and general counsel for RoomStore, a home furnishings retailer. The sale price, $4 million, is based on existing inventory, and $500,000 is based on lease arrearages.

A Maryland bankruptcy judge has approved the sale of Mattress Discounters to Goochland County-based The RoomStore Inc. The parties hope to close the sale by Friday. The deal is worth as much as $4.5 million, according to Brian D. Bertonneau, senior vice president and general counsel for RoomStore, a chain of furniture stores. The sale price, $4 million, is based on existing inventory, and $500,000 is based on lease arrearages.

The following are recent business bankruptcy petitions filed in U.S. Bankruptcy Court: Case Number: 08-35806 Lakewood Investors LLC of Richmond Assets: between $1 million and $10 million Liabilities: between $1 million and $10 million Filing: Chapter 11 (reorganization) Case Number: 08-35836 Kingsridge 200 LLC, Henrico County

Even though he might want to, a Mexican billionaire will not be allowed to serve as an officer of Circuit City Stores Inc. or sit on its board of directors for nearly three years. The reason is a 2005 run-in with the Security and Exchange Commission. Ricardo Salinas Pliego last week became the largest single stakeholder of the Henrico County-based consumer electronics retailer. In a filing with the SEC yesterday, he noted that he “acquired the shares with a view towards possibly seeking influence over the management, business and operations of [Circuit City].“

The owner of Latin America’s largest chain of consumer-electronics stores could be in line to buy Circuit City Stores Inc. out of bankruptcy. Mexican billionaire Ricardo Salinas Pliego, who runs Grupo Elektra, bought 30.3 million shares of Circuit City stock last week. He now has a 28 percent stake in the company. In a telephone interview from Mexico City yesterday, spokesman Luis Nino de Rivera said Salinas was fascinated with Circuit City.

Circuit City isn’t the only large, local company to file for Chapter 11 bankruptcy protection. Here are some noteworthy cases and what happened to the company.

Circuit City Stores Inc. will try to turn itself around under the protection of the federal courts. A week after announcing that it was closing 155 stores and laying off thousands of employees, the Henrico County-based electronics retailer filed a Chapter 11 bankruptcy petition yesterday, ending weeks of speculation. In one of its first moves, the company received approval from a federal bankruptcy court judge yesterday afternoon to borrow $1.1 billion from a group of 17 banks led by Bank of America to finance its restructuring. The loan will help the company continue operations as it enters the all-important holiday retail season.

Circuit City Stores Inc. has filed for bankruptcy less than a week after it said it would close 20 percent of its stores and three days after it laid off hundreds of employees. The Henrico County-based consumer electronics retailer has been struggling as nervous consumers spend less and credit has become tighter. It filed for bankruptcy protection this morning.

The following is a recent business bankruptcy petition filed in U.S. Bankruptcy Court: Case Number: 08-35528 Excel Staffing Services Inc., Richmond Assets: between $50,001 and $100,000 Liabilities: between $100,001 and $500,000 Filing: Chapter 11 (reorganization)

Is Circuit City headed for bankruptcy? The chain isn’t saying, but many retail experts, analysts and academics say Chapter 11 bankruptcy protection is the most likely path for the Henrico County-based company. And they say the filing could be imminent. A trip through federal Bankruptcy Court would give Circuit City some financial breathing room as it tries to reorganize. The chain could shed leases on stores that weren’t making money and re-emerge a smaller, more profitable company.