Circuit City Slashes Stores on Economy

Martin, Scott
November 2008
Red Herring;11/3/2008, p5
Trade Publication
The article reports on the plan of Circuit City to close 155 retail stores and layoff some workers as a result of the economic downturn. Its shares jumped $0.09, or 35 percent, to $0.35 in midday trading after the announcement. It plans to cut 17% of work force as a result of shutting down stores. Further, it plans to renegotiate some of its lease terms and cut future store openings in an effort to cut costs.


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