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  1. #1
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    Default Circuit City to close 155 stores by end of year

    Circuit City to close 155 stores by end of year

    By MICHAEL FELBERBAUM – 36 minutes ago

    RICHMOND, Va. (AP) — Circuit City Stores Inc. said Monday it is closing about 20 percent of its U.S. stores — cutting thousands of jobs — in an effort to return the nation's No. 2 consumer electronics retailer to profitability.

    The Richmond, Va.-based company said it will shutter 155 of its more than 700 stores in 55 markets, including Phoenix and Atlanta, by Dec. 31, laying off about 17 percent of its domestic work force. Circuit City also said it will further reduce new store openings and plans to work with landlords to renegotiate leases, lower rent or terminate agreements.

    The move comes as Circuit City heads into a crucial holiday shopping season that could determine its future, amid slower consumer spending that has even the least vulnerable retailers worried.

    "The weakened environment has resulted in a slowdown of consumer spending, further impacting our business as well as the business of our vendors," James A. Marcum, vice chairman and acting president and chief executive officer said in a statement. "The combination of these trends has strained severely our working capital and liquidity."

    Marcum called the decision to close stores "difficult, but necessary."

    Based on nearly 43,000 employees as of Feb. 29, 17 percent could be up to about 7,300 workers. But the company said the number would likely be lower in part because employees in some markets may become employed at other stores. It would not give further details.

    Circuit City shares rose 14 cents, or about 54 percent, to 40 cents in early trading Monday.

    The company said it expects the stores it is shuttering, which generated about $1.4 billion in net sales in fiscal 2008, will not open on Tuesday and store closing sales will begin on Wednesday.

    Circuit City spokesman Bill Cimino said the decision to exit 12 markets was based on store performance rather than for competitive reasons.

    "There are some markets where we have more competitors, there are some markets where we have less competitors, in all, we're closing 155 stores that were underperforming," Cimino said. "We're taking this action because we're doing this for the future of the company."

    Circuit City also provided updates on other aspects of its business, including restrictive actions taken by vendors, including limiting credit for purchases. But the company said while it is working to secure support from vendors, the "current mix of terms and credit availability is becoming unmanageable for the company."

    It also said it has been unable to collect an income tax refund of about $80 million that Circuit City believes it is owed from the federal government.

    The company has had only one profitable quarter in the past year, posting a wider second-quarter loss in September with a 13 percent decline in sales at stores open at least a year. Its results have weakened as the company faces significant declines in traffic, heightened competition from rival Best Buy Co. and others and a weakened brand position.

    Circuit City, which is reviewing its operations while exploring strategic alternatives, has been working with advisers to determine how to substantially improve its operating and financial performance.

    The company said last week that the New York Stock Exchange has warned it that its stock price is not high enough for continued listing.

    The NYSE said Circuit City shares had an average closing price of less than $1 over 30 consecutive trading days as of Oct. 22, falling short of the exchange's requirement. Its shares have closed under a dollar in trading since Sept. 30, when they closed at 76 cents. Shares have traded between 17 cents and $8.24 in the last year.

    In order to regain compliance with the NYSE, Circuit City's common stock share price and the average share price over a consecutive 30-trading-day period must both exceed $1 within six months following receipt of the notice.

    A major Circuit City shareholder — Classic Fund Management AG, a Liechtenstein-based asset management company — also said in a regulatory filing last week that it cut its holdings to 8.2 million shares, or about 4.8 percent, from 9.5 million shares, or 5.6 percent. It did not disclose a reason for the change.

    Circuit City has been under new leadership since late September when Chief Executive Philip J. Schoonover agreed to step down. He was replaced by Marcum, who was tapped to oversee Circuit City's multiyear turnaround efforts.

  2. #2
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    The 155 stores Circuit City Stores Inc. said it will close by Dec. 31:

    ALABAMA:

    _ Anniston, Trussville

    ARKANSAS:

    _ Fayetteville

    ARIZONA:

    _ Avondale, Chandler, Gilbert, Goodyear, Mesa (2), Peoria, Phoenix (4), Queen Creek, Scottsdale

    CALIFORNIA:

    _ City of Industry, Compton, Concord, Dublin, Escondido, Fairfield, Fontana, Foothill Ranch, Fremont, Merced, Mira Loma, Moreno Valley, Morgan Hill, Murrieta, Palo Alto, Pittsburg, Pomona, Richmond, Riverside, San Rafael, Santa Barbara, Santa Maria, Thousand Oaks, Vista

    COLORADO:

    _ Colorado Springs, Northglenn, Parker

    CONNECTICUT:

    _ Orange

    FLORIDA:

    _ Jacksonville (2), Naples, Orlando, Panama City, Tallahassee, Vero Beach

    GEORGIA:

    _ Acworth, Alpharetta, Atlanta (4), Bogart, Buford, Conyers, Cumming, Douglasville, Duluth, Hiram, Kennesaw, Macon, Morrow, Newnan, Snellville, Warner Robins

    ILLINOIS:

    _ Arlington Heights, Batavia, Bloomingdale, Bolingbrook, Calumet City, Chicago, Countryside, Crystal Lake, Joliet, Zurich, Niles, Oswego, South Barrington, Vernon Hills

    INDIANA:

    _ Clarksville, Indianapolis, Lafayette, South Bend

    KANSAS:

    _ Lenexa, Overland Park

    KENTUCKY:

    _ Lexington, Louisville, Paducah

    LOUISANA:

    _ Baton Rouge, Kenner, Marrero, Slidell

    MARYLAND:

    _ Baltimore, Beltsville, Marlow Heights

    MICHIGAN:

    _ Auburn Hills, Bloomfield, Dearborn, Jackson, Muskegon, Pontiac, Rochester Hills

    MISSOURI:

    _ Ferguson, Independence, Kansas City (2)

    MISSISSIPPI:

    _ Tupelo

    NORTH CAROLINA:

    _ Charlotte

    NEW JERSEY:

    _ Freehold, Livingston

    NEVADA:

    _ Sparks

    NEW YORK:

    _ Bay Shore, Bronx, Brooklyn, Holbrook, Lake Grove, Massapequa, New York, West Nyack

    OHIO:

    _ Brooklyn, Cincinnati, Columbus (2), Cuyahoga Falls, Elyria, Garfield Heights, Grove City, Mansfield, Mayfield Heights, Mentor

    OKLAHOMA:

    _ Norman, Oklahoma City

    TENNESSEE:

    _ Antioch, Collierville, Memphis, Spring Hill

    TEXAS:

    _ Burleson, Cedar Park, Dallas, Houston, League City, Mansfield, McKinney, Sherman, Temple

    VIRGINIA:

    _ Charlottesville, Manassas, McLean

    WASHINGTON:

    _ Federal Way

    WISCONSIN:

    _ Milwaukee

  3. #3
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    I've heard (on fat wallet) the liquidation company will have prices at 50% off when they close them down. I live in Phoenix and pretty much all of them are shutting down. May be time for a plasma, only good plasmas they have are Samsungs, so I don't know, I was looking at Pioneer or Panny, but at 50% off, I'll probably take it and run.

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    I saw this on the news this morning. It appears that they are shutting most/if not all of their stores in California.
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    Emperor of VHLinks.com Brett's Avatar
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    No big shock they've been dying for years.
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    Seems they go through some sort of comapny reorganization every couple of years, yet nothing quite like this. I still say that the whole Car Max debacle back in the 90's was the beginning of the end.
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  7. #7
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    Mainly interesting for me because I've been shopping for a plasma. Main thing that concerns me is if something goes wrong, I won't have a local store, have to deal with it via mail, or drive to Tuscon. I can always deal with the manufacturer, but that's a pain too.

    Out of the ones at circuit city, I'd get the Samsung pn58a650 plasma, they have random shutdown problems, apparently something with a power supply relay. If I get a dud, it would be a problem.

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    Quote Originally Posted by Rebel View Post
    I've heard (on fat wallet) the liquidation company will have prices at 50% off when they close them down. I live in Phoenix and pretty much all of them are shutting down. May be time for a plasma, only good plasmas they have are Samsungs, so I don't know, I was looking at Pioneer or Panny, but at 50% off, I'll probably take it and run.


    They have Toshibas as well. I don't know how you feel about Toshiba, but I have had a 50 in. plasma for three years now and it's been great.
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    Banned! GAR's Avatar
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    Quote Originally Posted by Brett View Post
    No big shock they've been dying for years.
    I find it shocking! They just renovated the Pasadena store and it looks fantastic - comparable to Best Buy!

    But I know these things come in cycles, after all Circuit City gobbled up The Good Guys and they couldn't make it after several revisions, either.

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    Quote Originally Posted by onefootoutthedoor View Post
    They have Toshibas as well. I don't know how you feel about Toshiba, but I have had a 50 in. plasma for three years now and it's been great.
    No fading issues?

  11. #11
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    In any case, I'm gonna go check out a couple stores today, see what they have.

    If you wanna get in on it, go look today, they are all gonna be closed tomorrow, and reopen Wednesday with the sale. I feel kinda bad going there and looking while all these people are gonna lose their jobs, and its not their fault really, just sucks.

  12. #12
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    Quote Originally Posted by onefootoutthedoor View Post
    They have Toshibas as well. I don't know how you feel about Toshiba, but I have had a 50 in. plasma for three years now and it's been great.
    Haven't really looked into those. Mainly been looking at Pioneer, Sammy, and Panny. I'll look at those while I'm there today.

  13. #13
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    Quote Originally Posted by GAR View Post
    No fading issues?
    Nope, nothing.
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  14. #14
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    Indeed, Circuit City has been on a downward slope for years. It seems to be going the way of the K-mart in the town where I live. Best-Buy is the Walmart of the electronic industry and it's just beating down all the Circuit City stores where I live.

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    I can't tell you when the last time I was actually in a Circuit City.
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