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October job losses hit a 14 year high- Where is the bailout money really going? CEO's pockets
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Circuit City is closing 150 stores in the United States
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Circuit City Stores may close at least 150 stores in a maneuver to avoid sliding into bankruptcy, according to reports. Circuit City hired outside help to develop a turnaround plan and is talking with investment bank Rothschild to help secure emergency funding, according to The Wall Street Journal.Earlier this month, Circuit City, Richmond, Va., was downgraded by retail credit-rating service Bernard Sands after the retailer reported a $239 million loss in its second fiscal quarter.
The report of closing stores comes just a couple of weeks after Circuit City told the Richmond Times-Dispatch that it planned to cut back on the number of stores it planned to open by the end of its fiscal year in February 2009. Through Aug. 31, Circuit City had opened 29 stores this fiscal year and had planned to open as many as 26 more, according to the newspaper.
Last week, Circuit City launched a campaign promising the same price for in-store purchases as for products bought online. The company said a study found that consumers would place more trust in a retailer that offered the same price through different channels.
According to Marketwatch.com, Circuit City hasn't confirmed their plans to close the 150 stores, but , they're developing a turnaround plan with FTI Consulting, Inc and they've have hired Skadden, Arps, Slate, Meagher & Flom LLP which oversaw Kmart's Chapter 11 reorganization. Spokesman Jim Babb wouldn't offer any further details when he replied to Marketwatch. Shares of Circuit City closed at 39 cents on Oct. 17. The stock was trading as high as $5.75 per share in April. More.
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