News: Update: Circuit City Short Circuits, Closes 150 More Branches
Tuesday, Nov 18, 2008 12:10PM
A week after filing for bankruptcy protection, mega retailer Circuit City is expected to close an additional 150 stores in the upcoming months.
According to Billboard, the company originally set out an initiative that would only shut down 155 stores total throughout the nation. However, new speculation claims the adjusted number of locations to be closed is now already over 300.
While an offical announcement has yet to be declared, the site claims Circuit City will reveal the revised store closing estimate within the next two weeks.
As previously reported by SOHH, the retail chain filed for Chapter 11 bankruptcy protection last week as a result of a weakened economy and smaller consumer base.
According to CNN, the company will aim to reorganize under the strict United States' bankruptcy laws.
"Chapter 11 is not a closing or a liquidation," the company wrote in an e-mail to CNN. "We remain comitted to doing a better job of taking care of our guests, and making it easier to shop at Circuit City."
Despite a number of stores likely to begin closing in the coming months, many store locations will remain open and are expected to compete at competetive prices matching Best Buy heading in to the holiday season.
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