The Richmond, VA based company announced the closing of 150 stores that are located in competitive markets in the US and Canada. The Atlanta region alone is saying "It's over!" to all but two of the Circuit City Superstores. Circuit City Stores, Inc. insiders state the reason for the closings are to prevent filing Chapter 11 bankruptcy. This has not been confirmed by the corporate office but is expected today. Over the past year CC stock has declined and produced terribly for it's shareholders. CC was recently removed from the NYSE due to poor performance and a consecutive 30 day share price that was less that 1 dollar.
With top "big-box" competitor Best Buy performing much stronger, Circuit City has finally decided to give up the fight and avoid a complete slaughter. The stores online sales have also declined because of very competitive prices from OnSale.com and sites like Buy.com that offers deals on their products as low as $100 & $200 for all new customers.
Thousands of circuit city employees were told of the news on Sunday November 2nd at a meeting which they were told was a "Holiday Kickoff" to prepare for the rush anticipated on Black Friday. Executives held private meetings with employees to express no severance packages are being offered for those involved in the massive layoff.
As early as Tuesday, November 4th, liquidators will survey each store closing to prepare for the electronics liquidation. The retreat was made to achieve a $350 million sell off of goods to pay for real estate and other bad debt. Circuit City liquidation sales will begin on Wednesday
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