Circuit City considers store closures, job cuts

RICHMOND, Va. Circuit City will possibly close at least 150 stores and cut jobs, according to a report in the Wall Street Journal.

"The management team, board of directors, and its strategic financial advisers are conducting a comprehensive review of all aspects of our business to determine the best methods of accelerating our turnaround," Circuit City spokesman Bill Cimino told the paper without giving details of the plans.

Earlier this month, Circuit City said that it will cut back on the number of stores it will open by the end of this fiscal year.

"The management team and the board of directors are conducting a comprehensive review of all aspects of our business to determine the best methods of delivering substantially improved financial performance and maximising shareholder value," stated Circuit City spokesman Bill Cimino. "As part of this review, we have been assessing the productivity of our asset base and, in line with this, we have put on hold the opening of some stores."

Between 45 and 55 stores were slated for opening this fiscal year, which ends Feb. 28, 2009.