Circuit City Stores Inc., the second-largest U.S. electronics retailer, is closing 70 stores and eliminating about 400 jobs in the United States and Canada after profits from sales of flat-panel televisions shrank.
Eight locations in the United States and 62 in Canada will be closed, Circuit City said Thursday. The company also plans to shut a distribution center in Louisville, Ky.
Circuit City joined Best Buy Co., the biggest U.S. electronics chain, in cutting prices on flat-panel TVs during the holidays. Circuit City reported its first loss in six quarters in December, and Chief Executive Officer Philip Schoonover said profit margins will fall this quarter as well.
Read More
