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Circuit City Considering Store Closures
October 21, 2008
Richmond, Va.-based Circuit City Inc. is considering a scale-back plan that would shutter about 10 percent of its store base, reports The Wall Street Journal (WSJ). The plan, which would close 150 stores and eliminate thousands of jobs, comes as Circuit City is trying to avoid any bankruptcy filing before the holiday shopping season to avoid giving the impression it wouldn't be able to honor warranties on its products, WSJ said. The company hired the law firm Skadden, Arps, Slate, Meagher & Flom LLP as bankruptcy attorneys earlier this month, and hired FTI Consulting Inc. and investment bank Rothschild Inc. to help find a way to raise emergency funds, WSJ said. While the company did not release details of the plan, Circuit City spokesman Bill Cimino said the company and its advisers "are conducting a comprehensive review of all aspects of our business to determine the best methods of accelerating our turnaround." Circuit City currently operates 1,486 stores in the United States and Canada.
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DDI visited the new JCPenney department store at Manhattan Mall in New York and spoke with store manager Joe Cardamone. Below is video of that conversation paired with a walk-through tour of the new store. For more on the JCPenney store, look out for DDI's November/December issue mailing out at the end of November.
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