Circuit City weighing shutting stores, job cuts: WSJ

[meegbear]

U.S. electronics retail chain, Circuit City is considering closing at least 150 stores and cutting jobs, the Wall Street Journal said citing people familiar with the company.

Earlier this month, the retailer hired Skadden, Arps, Slate, Meagher & Flom LLP and it has also retained FTI Consulting Inc to develop a turnaround plan as well as investment bank Rothschild Inc to guide talks with banks and secure emergency financing, the paper said.

The company's advisers are trying to line up additional financing but so far lenders have shown little interest, the paper said.

"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.

A spokesperson for the company could not be immediately reached for comment by Reuters.

http://www.comcast.net/articles/news-general/20081020/NEWS-US-CIRCUITCITY-TRADING/

[arcadian]

1. Thanks, think I'll go down and take some pictures of their headquarters

Down the road from here. I think I could sell them, if CC get's a lot of press in the coming weeks. They are going down and soon.

[nichomachus]

2. They're building a huge store just up the street from me

I guess it probably won't open. They have another store a few miles away on the same street -- the last time I was in there, I was one of three customers.

[notadmblnd]

3. I haven't walked into a Circuit City store since the mid 90's

They sold me a big screen TV with a warranty and it took over a year to get service on it. Perhaps this is the reason other people stopped walking into their stores too?

[arcadian]

4. Their founder is a big Bush supporter..

He started CarMax and Crocs as well.