Richmond,Virginia,United States

In a last-ditch effort to keep operating, consumer-electronics giant Circuit City has filed for bankruptcy protection in both the United States and Canada.

Just days after the Richmond, Va.-based company announced it would close 155 of its 770 retail stores and cut 20 percent of it U.S. workforce, Circuit City on Monday said it has faced significant financial challenges and needs to file for Chapter 11 protection in the United States, while seeking protection under the Companies' Creditors Arrangement Act in Canada.