Circuit City closing 2 local stores
Business First of Louisville
Two Circuit City stores in the Louisville area will close as the electronics retailers pares its national operations.
Circuit City is closing 155 U.S. stores, including seven in Kentucky and Indiana. As of Oct. 31, Circuit City operated more than 700 stores in the United States.
Circuit City stores at 4805 Outer Loop, near Jefferson Mall, and 1500 Greentree Blvd., near Green Tree Mall in Clarksville, are the only metro locations affected. Stores in Lexington and Paducah, Ky., and Indianapolis, Lafayette and South Bend, Ind., also will close, according to a company news release.
Responding to a “deteriorating liquidity position and the continued weak macroeconomic environment,” Richmond, Va.-based Circuit City (NYSE:CC) said in the news release that it also will reduce future store openings, seek to renegotiate certain leases and consider “all available options and alternatives to restructure its business.”
Rapidly falling consumer confidence and a weakening retail environment have curbed the company’s sales and gross profit margin more than management had anticipated, the release said.
Latest News |
Most Viewed Stories |
Most Emailed Stories |
