Circuit City Announces Short-Circuiting in Operations
Company to close 20% of stores nationwide
Circuit City, the country's second-largest electronics retailer, could be headed for bankruptcy.
A year of losses is forcing Circuit City to shutter about 20 percent of its stores, including 14 in the Chicago area.
The Chicago Tribune reported Monday that the Richmond, Va.-based company will layoff thousands of employees when it closes 155 of its more than 700 stores in 12 markets by Dec. 31.
The paper reported that the company is exploring strategic alternatives in a challenging economy.