So the only surprise was only that they filed before Christmas rather than after:
However, subsequent the the analyst speculation mentioned above, there was the news that NYSE had warned Circuit City about their stock price dropping too low to meet Big Board standards, and then the announcement last week that CC is closing 155 stores. The combination proved too much for the vendors
Circuit City, the biggest electronics retailer in the U.S. until the mid-1990s, filed for bankruptcy before it had a chance to take in cash from the holiday selling season, when it gets more sales than any other time of the year. [...]
"It's very incongruent for retailers to file bankruptcy before Christmas,'' Burt Flickinger, managing director of consultant Strategic Resource Group in New York, said in a Bloomberg Television interview.
A list of creditors is included in the linked report. H-P and Samsung are the biggest, each on the hook for more than $100 million.
Circuit City will continue operations as it attempts to reorganize.