Monday, November 10, 2008

Circuit City to shut 155 stores to preserve cash

UPDATE: Well, that didn't work out so good - CC just filed for bankruptcy protection

From Marketwatch, November 03, 2008:

NEW YORK (MarketWatch) -- Circuit City Stores Inc. said Monday it's shutting 155 U.S. underperforming stores, reducing future store openings and renegotiating leases to help preserve cash after its liquidity deteriorated and vendors tightened the struggling electronics retailer's payment terms.

The closings will result in a reduction of about 17% in the company's U.S. work force, Richmond, Va.-based Circuit City

As a result of the closings, Circuit City's exiting U.S. 12 markets, and management's considering all available options and alternatives to restructure its business.

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