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Circuit City Might Slash Jobs by the Thousands, Close 150 Stores

Posted 10/22/08 at 08:41:10 AM  by Pulkit Chandna

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Circuit City Stores Inc. might close 150 stores and opt for job cuts to stall its march towards bankruptcy, according to a WSJ report. Thousands of people might receive their termination letters, if there is any truth in this report. The retailer’s shares shot up by 20% on the back of this report.

Although the company’s spokesman Jim Babb refused to comment on the report, he admitted that the company was “assessing the productivity of our asset base.” With no signs of the ongoing financial storm relenting in the near future, the holiday season might not bring any relief for Circuit City – and its competitors. Apparently, the mess it is currently ensconced in has left Circuit City few choices.

Image Credit: Tilt-Rotor

COMMENTS:6
TAGS: retail, job cuts, circuit city, stores
COMMENTS
avatarAbout the only things I'm

Submitted by horzo on Wed, 10/22/2008 - 12:44pm

About the only things I'm willing to buy at either Best Buy or Circuit City are the occasional game and auto electronics. Got a car stereo from CC last year. Good thing I didn't bother with the lifetime warranty.

 

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avatarI guess that besides

Submitted by Keith E. Whisman on Wed, 10/22/2008 - 12:30pm

I guess that besides Wal-Mart and Fry's ellectronics we aren't going to have much of a black friday this year. Perhaps NewEgg.com will compensate with it's neweggmall.com. I forget that these stores and malls and markets are made up of people trying to earn an honest living and they have to starve to satisfy my need for an excellent deal.

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avatarMy local Circuit City has

Submitted by sinan on Wed, 10/22/2008 - 11:30am

My local Circuit City has actually built a new store and they're moving from the old one. I wonder how long that big expensive store is going to last.

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avatarpricing issues

Submitted by lorencel on Wed, 10/22/2008 - 11:25am

That may be true but Bestbuy or circuit city buys their product off manufacturers in full price and sell em for discounted price. Both companies make large portion of their profit margin thru accessories and the rest in services.

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avatarElectronics Stores

Submitted by maniacm0nk3y on Wed, 10/22/2008 - 7:09am

Circuit City isn't that great, and Best Buy is the devil. I rarely if ever go to these stores for any type of electronics purchase. I always go to Newegg. They jack the prices up so much it's crazy. My friend used to work at Best Buy. He bought a arm pad for $7 when it was supposed to be $15-he got the discount. How much did Best Buy pay to get it? $5. $10+? Where's the reasoning behind that? I know they need income, but that's way too much.

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avatarBestBuy pricing is off subject but since you bring it up...

Submitted by tallshipsgo on Wed, 10/22/2008 - 10:24am

The cheapest HDMI cable they have is $30!  The markup is insane.  If you want the over-priced Monster version it's $70.  For an HDMI cable.  That's just sick. 

(short)Circuit City's being good or evil, I'm not going to call it - the only thing that resonates is that it's too bad that folks have to lose jobs, heaven knows there's enough of that going around already.

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