Da CNNMoney.com
"RICHMOND, Va. (AP) -- Circuit City Stores Inc. said Monday it is closing about 20% of its U.S. stores - cutting thousands of jobs - in an effort to return the nation's No. 2 consumer electronics retailer to profitability.
The Richmond, Va.-based company said it will shutter 155 of its more than 700 stores in 55 markets, including Phoenix and Atlanta, by Dec. 31, laying off about 17% of its domestic work force. Circuit City (CC, Fortune 500) also said it will further reduce new store openings and plans to work with landlords to renegotiate leases, lower rent or terminate agreements.
The move comes as Circuit City heads into a crucial holiday shopping season that could determine its future, amid slower consumer spending that has even the least vulnerable retailers worried".
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