Circuit City cuts back on expansion

RICHMOND, Va. Circuit City has 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.