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Report: Circuit City to Close 155 Stores
Circuit City sent a letter to employees informing them of the store closings.
Circuit City is going forward with its plan to close 155 stores, according to a letter to affected employees that has been posted by The Consumerist.
The Consumerist uses the letter and cites several anonymous sources in reporting that Circuit City is withdrawing from 12 markets.
Here's the full list of store closings.
The letter, which was apparently distributed to employees this morning, indicates that affected employees will lose their jobs on or before Dec. 31, 2008.
It also appears that Circuit City is following a similar path to that of Tweeter, which was sold to liquidators last week. The Consumerist reports that a “team of liquidators” will be brought in by Circuit City to take control of the soon-to-be-closed stores.
“They will set prices as they see fit, and price match guarantee, employee discounts, [Circuit City] circulars, and the new one price guarantee are all out the window," according to the letter.
It's unlikely that laid off employees will receive a severance package, according to a “CC insider” cited by The Consumerist.
Terminated employees’ healthcare coverage will reportedly end on the last day of their last month of Circuit City employment.
The news of the store closings comes days after Circuit City was notified by the New York Stock Exchange (NYSE) that it didn't satisfy one of the standards for continued listing of the company's common stock.
Related: Report: Tweeter Sold to Liquidators
The Consumerist uses the letter and cites several anonymous sources in reporting that Circuit City is withdrawing from 12 markets.
Here's the full list of store closings.
The letter, which was apparently distributed to employees this morning, indicates that affected employees will lose their jobs on or before Dec. 31, 2008.
It also appears that Circuit City is following a similar path to that of Tweeter, which was sold to liquidators last week. The Consumerist reports that a “team of liquidators” will be brought in by Circuit City to take control of the soon-to-be-closed stores.
“They will set prices as they see fit, and price match guarantee, employee discounts, [Circuit City] circulars, and the new one price guarantee are all out the window," according to the letter.
It's unlikely that laid off employees will receive a severance package, according to a “CC insider” cited by The Consumerist.
Terminated employees’ healthcare coverage will reportedly end on the last day of their last month of Circuit City employment.
The news of the store closings comes days after Circuit City was notified by the New York Stock Exchange (NYSE) that it didn't satisfy one of the standards for continued listing of the company's common stock.
Related: Report: Tweeter Sold to Liquidators
Circuit City's Difficult 2008
 | Circuit City to Liquidate Remaining U.S. Stores Four liquidators to sell merchandise in remaining 567 U.S. stores. More than 35,000 jobs will reportedly be lost. Circuit City Receives Approval from Bankruptcy Court Circuit City has received approval for its $1.1 billion debtor-in-possession (DIP) revolving credit facility a day after voluntarily filing for Chapter 11 bankruptcy. Circuit City Files for Chapter 11 Bankruptcy Company says filing will allow it to continue business as usual, paying salaries and benefits and honoring returns and gift cards. Report: Circuit City to Close 155 Stores Big-box retailer is exiting several markets and has hired a team of liquidators to clear out the affected stores Circuit City Reports Non-Compliance With NYSE NYSE to assign ".BC" indicator to Circuit City's symbol to indicate it's below continued listing standards. Is this Finally It For Circuit City? How you can take advantage of the possible failure of the big-box retailer. Circuit City CEO Philip Schoonover Resigns The embattled CE retailer says Schoonover's resignation is effective immediately. He will be replaced by James Marcum. Circuit City Appoints 'Turnaround Executive,' Hints at Sale Company says new vice chairman James A. Marcum is highly experienced at turning retailers around. |
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About the Author
Tom LeBlanc, Senior Writer/Technology Editor, CE Pro
Tom has been covering consumer electronics for six years. Before that, he wrote for the sports department of the Boston Herald. Migrating to magazines, he was a staff editor for a golf publication and an outdoor sports publication. Now, as senior writer/technology editor of CE Pro magazine since 2003, he dabbles in all departments and offers expertise in marketing. Follow him on Twitter @leblanctom.
3 Comments (displayed in order by date/time)
Does the use of a liquidator mean that they are not going to have a fire sale at my local CC?
Just my luck - no closings in Minnesota.
Page 1 of 1 comment pages
Three MD stores have already been removed from the company website’s store locator.