Circuit City to Close 155 Stores, Weigh 'All Available Options'

Hit by Economy, Consumer Electronics Retailer
Says it Will Shutter 21% of its U.S. Stores

AGAM SHAH / IDG News Service 3nov2008

Circuit City Stores Inc. said today that it plans to close 155 of its consumer electronics stores in the U.S. in an effort to increase its cash reserves and in response to the ongoing economic downturn.

The Richmond, Va.-based retailer, which signed a $775 million deal to outsource most of its IT operations to IBM last year, also announced that it plans to reduce its future store openings and try to "aggressively" renegotiate some of its leases. In addition, the company said it "is considering all available options and alternatives to restructure its business."

James Marcum, Circuit City's vice chairman and acting president and CEO, said in a statement that the economic turmoil "has strained severely our working capital and liquidity, and so we are making a number of difficult, but necessary, decisions to address the company's financial situation as quickly as possible."

Circuit City posted a list of the stores that it plans to shut down on its Web site (See below). The company said that the affected stores will be closed for business on Tuesday and then reopen on Wednesday for liquidation sales, which are expected to be completed by year's end.

The store closings will reduce Circuit City's current roster of 721 U.S. stores by 21%, leaving the retailer with 566 outlets. None of its 49 stores in Canada are being closed as a result of the actions announced today.

Meanwhile, the planned openings of 10 new stores will be stopped, the company said. Circuit City still expects to open up to two stores during the remainder of its current fiscal year, which ends in February. After that, it said, store openings will be suspended except for cases in which the retailer has existing commitments that it can't back out of.

Circuit City, which said the credit crunch has made it difficult to purchase goods from suppliers, plans to reduce its U.S. workforce by 17% as a result of the store closures. The announcement of the cutbacks comes just two business days after Circuit City disclosed last Thursday that it had been notified by the New York Stock Exchange that it no longer met one of the NYSE's financial standards for listing stocks.

In April, Blockbuster Inc. offered to buy Circuit City for up to $1.33 billion in cash, subject to an evaluation of the retailer's books. After months of resistance, Circuit City finally opened its books to Blockbuster, which later pulled its offer, saying that the acquisition wasn't in its best interest.

source: 3nov2008

    Circuit City Stores, Inc.
List of Closing Stores 3nov2008

Store # Store Name Street Address City State ZIP 
3280 	ANNISTON 704 SOUTH QUINTARD AVE ANNISTON AL 36201 
829 	TRUSSVILLE 3555 ROOSEVELT BLVD TRUSSVILLE AL 35235 
3240 	FAYETTEVILLE 744 EAST JOYCE BLVD FAYETTEVILLE AR 72703 
441 	AVONDALE 10140 W MCDOWELL RD AVONDALE AZ 85392 
3330 	CHANDLER 3456 WEST CHANDLER BLVD CHANDLER AZ 85226 
3580 	GILBERT 2817 S MARKET ST GILBERT AZ 85295 
3760 	GOODYEAR 15433 WEST MCDOWELL RD GOODYEAR AZ 85338 
436 	MESA 1530 WEST SOUTHERN AVE MESA AZ 85202 
3337 	SUPERSTITION SPRINGS 1515 S POWER RD MESA AZ 85206 
3362 	ARROWHEAD 7645 WEST BELL RD PEORIA AZ 85382 
435 	PHOENIX METRO 9801 N METRO PKWY E PHOENIX AZ 85051 
3341 	NORTH SCOTTSDALE 7000 EAST MAYO BLVD PHOENIX AZ 85054 
3426 	CAMELBACK 1670 EAST CAMELBACK RD PHOENIX AZ 85016 
3558 	HAPPY VALLEY 2501 W HAPPY VALLEY RD PHOENIX AZ 85085 
4314 	QUEEN CREEK 21002 S ELLSWORTH LOOP QUEEN CREEK AZ 85242 
437 	SCOTTSDALE 8929 EAST INDIAN BEND RD SCOTTSDALE AZ 85250 
3301 	INDUSTRY 1600 S AZUSA AVE CITY OF INDUSTRY CA 91748 
422 	COMPTON 120 EAST COMPTON BLVD COMPTON CA 90220 
235 	CONCORD 2030 DIAMOND BLVD CONCORD CA 94520 
236 	DUBLIN 7153 AMADOR PLAZA ROAD DUBLIN CA 94568 
449 	ESCONDIDO 1138 WEST VALLEY PARKWAY ESCONDIDO CA 92025 
4303 	FAIRFIELD 1560 GATEWAY BLVD FAIRFIELD CA 94533 
4230 	NORTH FONTANA 16685 SIERRA LAKES PARKWAY FONTANA CA 92336 
4243 	FOOTHILL RANCH 26542 TOWNE CENTRE DRIVE FOOTHILL RANCH CA 92610 
4300 	FREMONT 43706 CHRISTY ST FREMONT CA 94538 
1628 	MERCED 3275 R STREET MERCED CA 95348 
3749 	MIRA LOMA 6397 PATS RANCH RD MIRA LOMA CA 91752 
4228 	MORENO BEACH 27610 EUCALYPTUS AVE MORENO VALLEY CA 92555 
4229 	MORGAN HILL 1007 COCHRANE RD MORGAN HILL CA 95037 
3394 	MURRIETA 24390 VILLAGE WALK PL MURRIETA CA 92562 
3766 	EAST PALO ALTO 1731 E BAYSHORE RD PALO ALTO CA 94303 
3402 	PITTSBURG 4300 DELTA GATEWAY BLVD PITTSBURG CA 94565 
3312 	POMONA 2735 S TOWNE AVE POMONA CA 91766 
3374 	HILLTOP 4100 KLOSE WAY RICHMOND CA 94806 
426 	RIVERSIDE 10255 MAGNOLIA AVE RIVERSIDE CA 92503 
238 	SAN RAFAELS 330 BELLAM BLVD SAN RAFAEL CA 94901 
413 	SANTA BARBARA 3761 STATE STREET SANTA BARBARA CA 93105 
1629 	SANTA MARIA 1535 SOUTH BRADLEY RD SANTA MARIA CA 93454 
3303 	THOUSAND OAKS 600 WEST HILLCREST DR THOUSAND OAKS CA 91360 
4301 	VISTA 1715 HACIENDA DRIVE VISTA CA 92081 
3380 	N COLORADO 7670 NORTH ACADEMY BLVD COLORADO SPRINGS CO 80920 
4240 	NORTHGLENN 10602 MELODY DR EAST NORTHGLENN CO 80234 
4245 	PARKER 9851 S PARKER RD PARKER CO 80134 
1816 	CONNECTICUT OUTLET 130 BOSTON POST RD ORANGE CT 06477 
893 	ORANGE PARK 6155 YOUNGERMAN CIRCLE JACKSONVILLE FL 32244 
4278 	OAKLEAF TOWN CENTER 9625 CROSSHILL BLVD JACKSONVILLE FL 32222 
4273 	NAPLES 13585 TAMIAMI TRAIL NORTH NAPLES FL 34110 
3268 	WEST ORLANDO 751 GOOD HOMES RD ORLANDO FL 32818 
3298 	PANAMA CITY 427 EAST 23RD STREET PANAMA CITY FL 32405 
4200 	TALLAHASSEE 2425 APALACHEE PARKWAY TALLAHASSEE FL 32301 
3423 	VERO BEACH 6560 20TH STREET VERO BEACH FL 32966 
3598 	ACWORTH 3384 COBB PARKWAY STE 100 ACWORTH GA 30101 
3107 	NORTH POINT 6290 NORTH POINT PARKWAY ALPHARETTA GA 30022 
834 	CAMP CREEK 3755 CARMIA DR SW ST1100 ATLANTA GA 30331 
880 	AKERS MILLS 2971 AKERS MILL RD SE ATLANTA GA 30339 
886 	BUCKHEAD 3637 PEACHTREE RD NE ATLANTA GA 30319 
3222 	PERIMETER 1165 PERIMETER CENTER WEST ATLANTA GA 30338 
1615 	ATHENS 4110 ATLANTA HIGHWAY BOGART GA 30622 
3411 	MALL OF GEORGIA 3295 BUFORD DR SUITE 100 BUFORD GA 30519 
3416 	CONYERS 1540 DOGWOOD DR SE CONYERS GA 30013 
4252 	CUMMING 320 PEACHTREE PARKWAY CUMMING GA 30041 
3406 	DOUGLASVILLE 9365 THE LANDING DR STE A DOUGLASVILLE GA 30135 
3220 	GWINNETT MALL 3850 VENTURE DR DULUTH GA 30096 
4279 	HIRAM PAULDING 4749 JIMMY LEE SMITH PKWY HIRAM GA 30141 
712 	TOWN CENTER 1185 ERNEST W BARRETT PKWY KENNESAW GA 30144 
3201 	MACON 3670 EISENHOWER PARKWAY MACON GA 31206 
884 	SOUTHLAKE 1906 MT ZION RD MORROW GA 30260 
3421 	NEWNAN 1098 HIGHWAY 34 E NEWNAN GA 30265 
3297 	SNELLVILLE 1670 SCENIC HWY N STE 124 SNELLVILLE GA 30078 
4319 	WARNER ROBINS 2951 WATSON BOULEVARD WARNER ROBINS GA 31093 
4234 	ARLINGTON HEIGHTS 370 EAST RAND RD ARLINGTON HEIGHT IL 60004 
3758 	BATAVIA 1980 W FABYAN PARKWAY BATAVIA IL 60510 
1818 	BLOOMINGDALE OUTLET 152 S GARY AVE SUITE101 BLOOMINGDALE IL 60108 
3790 	BOLINGBROOK 111 S WEBER RD BOLINGBROOK IL 60490 
3122 	CALUMET CITY 1747 EAST-WEST ROAD CALUMET CITY IL 60409 
3794 	NORTH AVE 1030 W NORTH AVENUE CHICAGO IL 60622 
4126 	COUNTRYSIDE 9950 JOLIET RD COUNTRYSIDE IL 60525 
3171 	CRYSTAL LAKE 4483 US HIGHWAY 14 CRYSTAL LAKE IL 60014 
3123 	JOLIET 3150 TONTI DR JOLIET MALL JOLIET IL 60431 
3795 	KILDEER 20505 N RAND RD BLDG E LAKE ZURICH IL 60047 
3118 	SKOKIE 5701 TOUHY AVE NILES IL 60714 
4268 	OSWEGO 1720 DOUGLAS RD OSWEGO IL 60543 
4195 	HOFFMAN ESTATES 100 WEST HIGGINS ROAD SOUTH BARRINGTON IL 60010 
3124 	VERNON HILLS 551 NORTH MILWAUKEE AVE VERNON HILLS IL 60061 
4109 	CLARKSVILLE 1500 GREENTREE BOULEVARD CLARKSVILLE IN 47129 
1814 	INDIANAPOLIS OUTLET 10235 EAST WASHINGTON ST INDIANAPOLIS IN 46229 
3728 	LAFAYETTE 2121 SAGAMORE PKWY S LAFAYETTE IN 47905 
3802 	SOUTHBEND 1290 EAST IRELAND RD SOUTH BEND IN 46614 
3829 	OAK PARK MALL 12010 WEST 95TH STREET LENEXA KS 66215 
3299 	OVERLAND PARK 12020 METCALF AVE OVERLAND PARK KS 66213 
841 	LEXINGTON 2434 NICHOLASVILLE RD. LEXINGTON KY 40503 
520 	OUTER LOOP 4805 OUTER LOOP LOUISVILLE KY 40219 
3704 	PADUCAH 3430 JAMES SANDERS BLVD PADUCAH KY 42001 
3511 	BATON ROUGE 8640 AIRLINE HIGHWAY BATON ROUGE LA 70815 
3507 	VETERANS 2421 VETERANS MEMORIAL BV KENNER LA 70062 
3506 	WEST BANK 4945 LAPALCO BLVD MARRERO LA 70072 
3552 	SLIDELL 61119 AIRPORT RD SLIDELL LA 70460 
847 	GOLDEN RING 8823 PULASKI HIGHWAY BALTIMORE MD 21237 
821 	BELTSVILLE 11011 BALTIMORE AVE BELTSVILLE MD 20705 
825 	MARLOW HEIGHTS 3551 32ND AVENUE MARLOW HEIGHTS MD 20748 
3637 	AUBURN HILLS 4612 BALDWIN RD AUBURN HILLS MI 48326 
4211 	BLOOMFIELD 2169 TELEGRAPH RD BLOOMFIELD MI 48302 
3604 	DEARBORN 5600 MERCURY DR DEARBORN MI 48126 
3722 	JACKSON 1511 BOARDMAN RD JACKSON MI 49202 
1809 	MUSKEGON OUTLET 1650 EAST SHERMAN BLVD MUSKEGON MI 49444 
1880 	PONTIAC OUTLET 550 N TELEGRAPH RD PONTIAC MI 48341 
3860 	ROCHESTER HILLS 2636 SOUTH ADAMS RD ROCHESTER HILLS MI 48307 
534 	FERGUSON 3344 PERSHALL RD FERGUSON MO 63135 
3210 	INDEPENDENCE MALL 18701 EAST 39TH ST S INDEPENDENCE MO 64057 
3208 	KANSAS CITY NORTH 8440 N MADISON AVE KANSAS CITY MO 64155 
4224 	SHOAL CREEK 8260 N DITZLER AVE KANSAS CITY MO 64158 
3243 	TUPELO 3834 MARKET CENTER DR TUPELO MS 38804 
3228 	CHARLOTTE UNIVERSITY 8215 UNIVERSITY CITY BLVD CHARLOTTE NC 28213 
3671 	FREEHOLD 4345 US HIGHWAY 9 FREEHOLD NJ 07728 
3714 	LIVINGSTON 530 ROUTE 10 LIVINGSTON NJ 07039 
3763 	SPARKS 125 DISC DRIVE SPARKS NV 89436 
3661 	BAY SHORE 1675 B SUNRISE HIGHWAY BAY SHORE NY 11706 
3778 	BRONX 1750 EAST GUNHILL RD BRONX NY 10469 
4323 	BROOKLYN 1610 FLATBUSH AVE BROOKLYN NY 11210 
3685 	PATCHOGUE 7001 SUNRISE HIGHWAY HOLBROOK NY 11741 
3678 	SMITH HAVEN 139 ALEXANDER AVE LAKE GROVE NY 11755 
3681 	MASSAPEQUA 5500 SUNRISE HIGHWAY MASSAPEQUA NY 11758 
1697 	EAST 86TH STREET 232 EAST 86TH STREET #240 NEW YORK NY 10028 
3683 	WEST NYACK 2731 PALISADES CENTER DR WEST NYACK NY 10994 
3575 	BROOKLYN 7349 NORTHCLIFF AVE BROOKLYN OH 44144 
3165 	WESTERN HILLS 5455 GLENWAY AVE CINCINNATI OH 45238 
1813 	COLUMBUS OUTLET 4030 WEST BROAD ST COLUMBUS OH 43228 
3818 	HILLIARD 1881 HILLIARD ROME RD COLUMBUS OH 43226 
1806 	AKRON OUTLET 1120 MAIN ST CUYAHOGA FALLS OH 44221 
3182 	ELYRIA 110 MARKET DR ELYRIA OH 44035 
3551 	GARFIELD HEIGHTS 5642 TRANSPORTATION BLVD GARFIELD HEIGHTS OH 44125 
4324 	GROVE CITY 4178 BUCKEYE PARKWAY GROVE CITY OH 43123 
3712 	MANSFIELD 2190 W 4TH STREET MANSFIELD OH 44906 
3784 	MAYFIELD HEIGHTS 1405 SOM CENTER RD MAYFIELD HEIGHTS OH 44124 
3181 	MENTOR 7900 PLAZA BLVD SPACE 100 MENTOR OH 44060 
3357 	UNIVERSITY TOWN 1620 24TH AVE NW NORMAN OK 73069 
4501	PENN SQUARE 3625 NORTHWEST EXPY OKLAHOMA CITY OK 73112 
920 	HICKORY HOLLOW MALL 5221 HICKORY HOLLOW PKWY ANTIOCH TN 37013 
4257 	COLLIERVILLE 10217 EAST SHELBY DR COLLIERVILLE TN 38017 
853 	WINCHESTER 6491 WINCHESTER RD MEMPHIS TN 38115 
3823 	SPRING HILL 1041 CROSSING BLVD SPRING HILL TN 37174 
4338 	MCALISTER SQUARE 12640 SOUTH FREEWAY BURLESON TX 76028 
4310 	CEDAR PARK 1335 E WHITESTONE BLVD G CEDAR PARK TX 78613 
3501 	CENTRAL NORTH 10400 N CENTRAL EXPRESSWAY DALLAS TX 75231 
540 	SHARPSTOWN 7553 BELLAIRE BLVD HOUSTON TX 77036 
4312 	LEAGUE CITY 3270 S GULF FREEWAY LEAGUE CITY TX 77573 
3809 	MANSFIELD POINTE 1551 N HIGHWAY 287 MANSFIELD TX 76063 
4248 	MCKINNEY TOWNE 2050 WEST UNIVERSITY DR MCKINNEY TX 75071 
3808 	SHERMAN 4127 HIGHWAY 75 NORTH SHERMAN TX 75090 
1611 	TEMPLE 3310 SOUTH 31ST STREET TEMPLE TX 76502 
1604 	CHARLOTTESVILLE 100 ALBEMARLE SQUARE CHARLOTTESVILLE VA 22901 
3172 	MANASSAS 10640 DAVIDSON PLACE MANASSAS VA 20109 
803 	TYSON'S CORNER 1905 CHAIN BRIDGE RD MCLEAN VA 22102 
1882 	SEATTLE OUTLET 34920 ENCHANTED PKWY SOU FEDERAL WAY WA 98003 
1811 	MILWAUKEE OUTLET 8173 WEST BROWN DEER RD MILWAUKEE WI 53223 

list source: 3nov2008