Posted 11/04/08 at 10:21:38 AM by Paul Lilly
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
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Links:
[1] http://www.maximumpc.com/user/one4yu2c
[2] http://www.eweek.com/c/a/IT-Infrastructure/Circuit-City-Closing-155-stores-Seeking-Options/
[3] http://www.maximumpc.com/article/news/circuit_city_might_slash_jobs_thousands_close_150_stores
[4] http://www.maximumpc.com/article/daily_news_brief_whos_courting_circuit_city
[5] http://www.maximumpc.com/article/daily_news_brief_compusa_to_close_down
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