Circuit City to close 155 stores
Pacific Business News (Honolulu)
Circuit City will close 155 stores as part of an effort to stay afloat, the nation’s No. 2 electronics retailer said Monday. But its one Hawaii location has been spared.
The closings at Circuit City (NYSE: CC) represent about 20 percent of the company’s roughly 700 locations.
The stores that will be closed are in 55 markets, but they won’t affect local operations. The only store in Hawaii, located in Aiea, has been spared.
Circuit City says it will also reduce future store openings and renegotiate some of its leases to deal with a precarious financial situation. The down economy and Circuit City’s own flagging business have the company scrambling to save cash.
The company says it will continue business without interruption while it works with lenders and advisers to determine “the most appropriate restructuring alternatives.”
In June, Circuit City decided to cancel plans to open a new 30,000-square-foot store at the Kapolei Commons shopping mall.
Circuit City also backed out of plans to build a new store in Kailua-Kona on the Big Island.
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