Circuit City posts $3.1 million operating loss in February on no sales

By Lisa Kerner

Charlotte, N.C., April 15 - Circuit City Stores, Inc. reported an operating loss of $3.1 million for February on zero net sales, according to a bankruptcy court filing.

In comparison, the company posted a $4.1 million operating loss for January, also on zero net sales.

The net loss for February was $103.65 million, compared with a net loss of $5.34 million in January.

According to the filing, during February the company reconciled its estimate of lease rejection damages, resulting in a charge of $100.7 million to net loss from reorganization items.

Circuit City had $438.63 million in cash and cash equivalents at Feb. 28, up from $335.19 million at the end of January.

The Richmond, Va., electronics retailer filed for bankruptcy on Nov. 10, 2008 in the U.S. Bankruptcy Court for the Eastern District of Virginia. Its Chapter 11 case number is 08-35653.

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