Circuit City Cuts Back on Store Openings

Richmond, Va. Circuit City Stores Inc. plans to scale back on the number of stores it will open by the end of its fiscal year in February, according to the Richmond Times-Dispatch.

In an earnings report for the quarter ending Aug. 31, Circuit City reported it had opened 29 stores so far this fiscal year and it expected to open as many as 26 more through early next year.

The report said that the company would honor all commitments for new stores through the end of the fiscal year, but suspend openings beginning in March.

The chain is conducting a review of its business, spokesman Bill Cimino told the Richmond Times-Dispatch.

"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," Cimino told the publication. "Some of the ones on hold are this year and some are next."

Cimino did not give an exact count of how many stores would be affected.