Leading electronics retailer Circuit City announced today that it will close 155 locations, about 25% of its U.S. stores. The closings will lay off about 17% of the company?s US work force ? approximately 7,300 people, though Circuit City expects to re-employ some of these workers at other locations. 12 markets (including Phoenix and Atlanta) will be pulled entirely. The company also plans to delay or terminate most new store openings and to renegotiate leases at most locations. Bankruptcy looms for the company, and they are looking to the up-coming holiday shopping season as a make-or-break point. The company is also exploring other ways to conserve capital including restricting credit. Closings are scheduled to begin Wednesday.
See "Circuit City closing 155 stores", Los Angeles Times, November 2, 2008