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Tough times are ahead for Circuit City. The mega electronics chain plans to close 155 stores and evaluate its options moving forward in a restructuring attempt . As part of the store closings, Circuit City also said it will cut 17 percent of its domestic workforce.
"While management is working diligently to secure the support of its vendors and believes it has maintained good relationships with these important partners," the company said in a statement, "the current mix of terms and credit availability is becoming unmanageable for the company.
The store closures are to take place today, with closing sales to begin on November 5. While disappointing for patrons of the brick and mortar outlet, Circuit City's previous CEO Philip Schoonover warned that it could close stores as part of a turnaround plan.
Image Credit: Flickr Vicki & Chuck Rogers
Comments are closed on this article
Danielw719
November 04, 2008 at 12:43pm
2 of the nearby stores in Jacksonville are being closed. Luckily, right next to the Circuit City is a Best Buy and a CompUSA!
Brick-and-Mortar stores like these have some electronics you can't find online or are just way more expensive online. Keeping them open is really a win for consumers.
Pyrophorics
November 04, 2008 at 1:24pm
Honestly, I haven't shopped there in years but hate that they are closing. Less competition for places like Best Buy means higher prices for consumers. I have, on a number of occations, gotten large price match refund from Best Buy due to sales at Circuit City.
s3th
November 04, 2008 at 12:15pm
Poor circuit city, I bought my car subs and stereo there :/, as well as alot of computer accessories and games. Hopefully their so called "turnaround plan" will bring them back better and stronger.
cappomutato
November 04, 2008 at 9:55am
A pdf list of all the store closings is here:
http://tinyurl.com/5l2p59
