Circuit City May Shut Stores

Published 13 months ago

Welcome to Circuit City, where unemployment is state of the art. The Richmond, Virginia-based retail chain is considering closing at least 150 stores and cutting jobs, the Wall Street Journal reports. Earlier this month, the nationwide consumer... more

Welcome to Circuit City, where unemployment is state of the art. The Richmond, Virginia-based retail chain is considering closing at least 150 stores and cutting jobs, the Wall Street Journal reports. Earlier this month, the nationwide consumer electronics and software retailer hired consulting firms to develop a turnaround plan, and asked investment bank Rothschild to look for secure emergency financing. The company's advisers are trying to line up additional financing, but so far lenders have shown little interest. "The management team, board of directors, and its strategic financial advisers are conducting a comprehensive review of all aspects of our business to determine the best methods of accelerating our turnaround," Circuit City spokesman Bill Cimino told the Journal. less

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