Circuit City to Close 155 Stores, Thousands to be Laid Off

Circuit City Stores, Inc. has announced it will be closing 155 of its stores across the United States, shedding 17 percent of its workforce in an attempt to return to profitability.

The stores will be closed on Tuesday and reopened on Wednesday to begin store closing sales. All 155 stores, in 55 markets, would be closed by Dec. 31.

With the holiday season just ahead the country’s number two consumer electronics retailer is facing a critical period in which their future could be determined by consumer spending during the coming months.

As part of the announcement on Monday Circuit City also stated they would be slowing down their new store openings.

Circuit City has received notice from the New York Stock Exchange that their current stock price did not meet the requirements for continued listing. For over 30 consecutive trading days the company’s closing average was less than $1, a figure that fails the NYSE standard.

The company has six months to become compliant with NYSE requirements or they will lose their listing.

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