Skadden Leads Half-Dozen Firms in Circuit City Bankruptcy

From: The American Lawyer, November 11, 2008

Circuit City, among the nation’s largest retailers with more than 700 stores in the U.S., hired Skadden, Arps, Slate, Meagher & Flom last month in hopes of finding some way to avoid a bankruptcy filing. While Skadden helped Circuit City secure a $1.3 billion line of credit recently, it wasn’t enough to save the company from Chapter 11 following six consecutive quarters of falling sales and a loss of more than $5 billion in stock market value over the last two years.

It’s going to be a complex transition, and the company has hired several law firms alongside Skadden to navigate it. McGuire Woods will serve as local restructuring counsel in Virginia (Circuit City is based in Richmond); Kirkland & Ellis will be the company’s special financing counsel, and Wilmer Cutler Pickering Hale and Dorr has signed on as special securities counsel.

Hudson Legal is Skadden’s preferred vendor in large projects and McGuire Woods has used Lexolution quite a bit in the past.  The bulk of the document review work will be done in the DC Metro area.  We hope to have details on agency staffing in due course.

For the full American Lawyer story click here.