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Troubled Electronics Retailer Circuit City to Close 155 Stores

Authored by Mark Hefflinger on November 3, 2008 - 9:17am.

Richmond, Va. - Facing mounting red ink and evaporating consumer confidence, consumer electronics retailer Circuit City Stores (NYSE: CC) said on Monday that it plans to close 155 stores, or more than a fifth of all of its locations.

The closings are expected to affect more than 7,000 employees.

The company also said that it will reduce future store openings and aggressively renegotiate certain leases, as it considers "all available options" to restructure its business.

Circuit City will continue to operate its other 566 stores, and said that it is negotiating with its lenders and other third parties regarding various financing alternatives.

 

Related Links:
http://biz.yahoo.com/prnews/081103/nem065.html?.v=68

http://www.circuitcity.com

Published in DMW Daily, November 3, 2008
tags: Layoffs | Retail | Circuit City |



Comments

Jim Collins was wrong

Submitted by adam hartung (not verified) on November 3, 2008 - 5:12pm.
Does anyone remember that Circuit City, just a few years ago, was the best performing company in Jim Collins' book "Good to Great"? Obviously, Mr. Collins' approach to management is worth some reconsideration given the fall of Circuit City. It would seem a new approach to management would be worth considering. Read more at http://www.ThePhoenixPrinciple.com

Wrong, spammer.

Submitted by anonymous (not verified) on February 11, 2009 - 3:50pm.
It would seem that you have no idea what you're talking about. "Good to Great" was published in 2001, and Circuit City began to decline after a management change in 2006 who no longer abode by the principles Collins' praised CC for in the first place. You're a disgrace to people from Phoenix, who take classes at the University of Phoenix, and who own mythical birds everywhere.

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