Consumer electronics store Circuit City has been doing pretty poorly for some time now but most recently this has been emphasized and reflected by its stock value that has plunged down to a dismally low figure at less than 30 cents per share to finally become delisted from the stock market. Last month it was rumored that they were planning to shut down some stores in order to stop the financial bleeding, with up to 150 stores supposedly under the axe.
Those rumors have now been confirmed. Circuit City has decided to shut down 155 stores in the coming months, with the chain pulling out of twelve separate markets. In what could be considered a big blow to their employees and a sign of how badly the company is doing, they have stated that employees will not be able to transfer to other stores.
The branches will close before the end of this year. If you happen to live near one of the stores that is closing, you might end up benefiting from this as they try to move inventory out of the door.