Apparently, Circuit City did that to itself by selling consumers all the tools they need to find better deals on electronics from online retailers. Other factors abound, of course, but the fact remains that they (as well as practically every other brick and mortar store I can think of) have been too slow to adapt to a market which has for the last decade or more offered an increasing number of cost-effective options to deal-savvy consumers.
While Chapter 11 isn't necessarily a death knell for the company, I smell blood in the water. If Circuit City wants to increase customer volume over the holiday season in the light of the PR hit this is going to cause, they'll have to try to blow the lid off their holiday savings. They need sales, they need them now, and they need to be insanely cheap. Doubly so if their restructuring efforts lead to additional store closings beyond the 155 locations already slated for closure.
Sales equal in value to what the average soccer mom with an HP can already find online may or may not materialize, of course, but it's worth keeping an eye on.