Tuesday, November 04, 2008

Circuit City to close 155 stores

Yesterday, Circuit City announced that it will close 155 stores in 28 states, and in the process get rid of 17 percent of its workforce. The company will also halt its plans to open new stores in 2009, and will attempt to renegotiate leases on existing stores. The stores that are scheduled for closing will be closed today, November 4th, to put up signs and reprice merchandise, will reopen on Wednesday, and will close permanently no later than December 31st. A complete list of stores to be closed is available here.

I would not be surprised to see Circuit City add stores to the list as the holiday season goes on, especially if the retail season is as bad as many observers fear it will be. 
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