Circuit City to close 155 stores nationwide
Circuit City has announced that it’s closing 155 stores—nearly a quarter of its U.S. locations—and laying off 17 percent of its workforce. The Richmond, Virginia-based electronics and appliances retailer doesn't plan on opening these stores on Tuesday, November, 4. But the next day, the stores will open for a liquidation sale that’s expected to wrap up before year’s end. (UPDATE: Read our latest posts about Circuit City, including details of the company's declaration of bankruptcy and how that move affects you as a consumer.)
Circuit City cites a number of factors for its troubles, including waning consumer confidence, a significantly weakened retail environment, and vendors’ newly restrictive payment terms. The Fortune 500 company says it will honor its policies on gift cards, Circuit City Advantage Protection Plans, and all other customer commitments. For more information, visit CircuitCity.com or call 800-843-2489.—Kimberly Janeway
Essential information: Find out about the best places to buy appliances and read our electronics-buying special to get good deals from retailers. With many retailers facing rocky times, it's worth reviewing these warnings about shady practices at some liquidation sales.
Posted by: adam hartung | Nov 3, 2008 9:56:38 PM
Does anyone remember that Circuit City, just a few years ago, was the best performing company in Jim Collins' book "Good to Great"? Obviously, Mr. Collins' approach to management is worth some reconsideration given the fall of Circuit City. It would seem a new approach to management would be worth considering. Read more at http://www.ThePhoenixPrinciple.com