US: 155 Circuit City stores to close

MCV Staff 3rd November 2008 Business News

It seems that leading US electronics retailer Circuit City is set to close 155 of its stores, according to tech blog

Engadget

.

The site quotes an insider as saying: I’m an employee at Circuit City and today there was a mandatory store meeting for the holiday season and to welcome all the seasonal employees. There was also some tension as rumors were rampant the days before that we were all going to find out we were out of a job today. Luckily, but still somehow unfortunately, I’m still an employee of Circuit City. The same can’t be said for the employees of the 155 stores that are closing, possibly even before black Friday.

The list of stores that are shutting down will be made public tomorrow. The idea behind closing the stores before Black Friday is to transfer product from the failing stores to the stronger ones to save some money.”

The news follows reports that Sony has ceased its deliveries to Circuit City amidst credit fears.

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