Circuit City to shut down 155 stores – Consumerist

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According to anonymous insiders talking to several sites, Circuit City will be shutting down 155 stores, and will be withdrawing from 12 markets. However, the stores will not be announced until tomorrow at 8am. According to a posting on a Google Finance forum, all the 155 stores shutting down will be closing by December 31.

“I’m an employee @ Circuit City and today there was a mandatory store meeting for the holiday season and to welcome all the seasonal employees. There was also some tension as rumors were rampant the days before that we were all going to find out we were out of a job today. Luckily, but still somehow unfortunately, I’m still an employee of Circuit City,” one tipster told Engadget.

“The same can’t be said for the employees of the 155 stores that are closing, possibly even before black Friday. The list of stores that are shutting down will be made public tomorrow. The idea behind closing the stores before Black Friday is to transfer product from the failing stores to the stronger ones to save some money."

Another insider told Gawker’s The Consumerist that a “team of liquidators will be coming and taking control of the store. They will set prices as they see fit, and price match guarantee, The same can’t be said for the employees of the 155 stores that are closing, possibly even before black Friday. The list of stores that are shutting down will be made public tomorrow. The idea behind closing the stores before Black Friday is to transfer product from the failing stores to the stronger ones to save some money."

But this is not the only trouble that Circuit City faces. The NYSE has told Circuit City that they will be delisted if they do not bump their stock above the $1 mark, after averaging below that mark for 30 days.

Image: qnr – Gone for a while/Flickr