Circuit City to Close 69 Stores
Canadian readers, take note: USA Today reports that Circuit City will close 69 stores, 62 in Canada and 7 in the United States. The number two electronics retailer (behind Best Buy) is looking to cut costs, and will close the stores over the next six months.
"Because of the intensified gross margin pressures that we saw in the third quarter within the flat panel television category, we launched efforts to accelerate the timing of planned initiatives to improve sales and gross margin, as well as improve the efficiency of our expense structure," CEO Philip Schoonover said in a statement.
The company did not disclose which stores would be affected because officials were still in the process of notifying employees. However, we’ll soon find out because the stores in question will be closed Monday and then re-open on Wednesday for clearance sales. That really sucks for the employees, but at least we’ll probably score some bargain-priced games out of it.
Circuit City to Close 69 stores, Mostly in Canada [USA Today]
[Via: The Consumerist]
Lazy Panda
Posted to Video Games on 11 February 2007
· Comments (6)
Other stuff like this: best buy, canada, circuit city, clearance
No offense to any of its employees, but I hate jerk-it city. Good riddance.
i never go to circuit city, but i am canadian so chances are my nearest one will close down. (i might go to buy some games, most likely)
Thats what you get for charging a 15 percent restocking fee for all returns (I just had a bad experience with a Garmin Nuvi and a Canon PowerShot I purchased there)
Oh and did I mention they didn't bother to tell me that before I bought the damn things?
Circuit City sucks. I still remember their singlehanded attempt to take over the DVD market with "Divx" self-destructing pay per view discs and players. I swear the small appliance salesman tried to sell my parents a Divx player when they went in just to buy vacuum cleaner bags. I'll cheer the day they close for good.
That said, didn't CompUSA buy their whole chain last year?
Circuit City sucks not only because they're sucktastic retailers (yes, EVEN WORSE than Best Buy), but on the corporate level, they donate heavily (and unless this has changed, EXCLUSIVELY) to Republican organizations & candidates.
So I'm quite happy to see them closing stores.