Circuit City to Close 155 Stores and Cut Thousands of Jobs

It was sad to see CompUSA close its stores in 2008, but it was obviously a sign that consumer electronics stores have hit some tough times. Now Circuit City has announced that they will close 155 U.S. stores, or about 20% of its stores nationwide, and the company will reduce new store openings "due in part to its deteriorating liquidity position and the continued weak macroeconomic environment." 

I'm happy to see that my neighborhood Circuit City Store is not on the store closing list, but I do feel for all the Circuit City employees around the country as we head into the Holiday season. Circuit City had this to say:

"We deeply regret the impact today's announcement will have on our associates, our guests and the communities where these stores are located. We truly are grateful to each of our associates for their many contributions to the company. We are also grateful for the loyalty and support we have received from our guests in the impacted communities. Circuit City will continue to serve guests through 566 stores in 153 U.S. media markets, via its Web site at http://www.circuitcity.com and via phone at 1-800-THE-CITY (1-800-843-2489)"