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Circuit City to close 20% of stores Print
Written by Network News Journal Staff   
Monday, 03 November 2008

CIRCUIT CITY ANNOUNCED ON MONDAY that it will be closing the doors on about 20% of its U.S. stores in an effort to return the nation's No. 2 consumer electronics retailer to profitability.  The company stated that it will be closing 155 of its more than 700 stores in 55 markets by December 31.  The closures will include laying off about 17% of its domestic work force.  Circuit City also said it will further reduce store openings and plans to work with landlords to renegotiate leases, lower rent or terminate agreements.

The company said it expects the stores it is closing, which generated about $1.4 billion in net sales in fiscal 2008, will not open Tuesday and store-closing sales will begin Wednesday.

Update: The Consumerist has released a list of the stores that are closing here.
 
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