It's Official. Circuit City Closing 155 Stores. [Layoff Watch/Store Reduction]

11/03/2008 11:52:00 AM

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circuit_city_logo[5] "We deeply regret the impact today's announcement will have on our associates, our guests and the communities where these stores are located.  We truly are grateful to each of our associates for their many contributions to the company.  We are also grateful for the loyalty and support we have received from our guests in the impacted communities.  Circuit City will continue to serve guests through 566 stores in the 153 U.S. media markets, via its Web site at www.circuitcity.com and via phone at1-800-THE-CITY"

Via a CC press release (PDF):

"Company Plans to Close 155 Stores, Further Reduce New Store Openings and Renegotiate Certain Leases"

According to a CC Fact Sheet (PDF):

CC had 654 stores in FY 2007, 693 stores in FY 2008, and plans to have 566 stores in FY 2009.  They have stores in 45 states, excluding the closing stores.

Their 2nd Q Net Loss was $63.1 million, their 3rd Q Net Loss was $208 million and their FY 2008 Net Loss was $321.4 million.

In a "Letter to Guests" (PDF):

"Our continued promise is to put you first."

In a "Guest Q&A" (PDF):

"We have made no changes to our policies on gift cards, Circuit City Advantage Protection Plans or any customer commitment."

The 155 store closing list. (PDF)

Previous posts here (11/02) and here (10/21).

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