Circuit City chain may close up to 20% of its stores
Tuesday,
October
21,
2008
( updated
12:29 pm)
CHICAGO - Shares of electronics retailer Circuit City rose Monday after the Wall Street Journal published a report saying the chain may close at least 20 percent of its stores to shore up its finances.
The report cited "several people familiar with the matter" who said the chain was considering closing at least 150 locations and slashing thousands of jobs to avert a Chapter 11 bankruptcy filing. Circuit City has stores in Greensboro, High Point and Winston-Salem.
Circuit City spokesman Jim Babb said the chain wouldn't comment on the details of the report or "rumors" as it continues "a comprehensive review of all aspects of our business" in order to accelerate its turnaround plan and boost its financial and operating performance.
