RICHMOND, Va. (AP) — Circuit City Stores Inc. said today it is closing about 20 percent of its U.S. stores — cutting thousands of jobs — in an effort to return to profitability as it finds consumers reluctant to spend and its vendors less eager to give it credit.
The nation’s No. 2 consumer electronics retailer said it will shut 155 of its more than 700 stores and leave at least a dozen markets entirely, including Phoenix and Atlanta, by Dec. 31. It will lay off about 17 percent of its domestic work force, which could affect up to 7,300 people.
Circuit City has four stores in Southern Nevada but none of those will be affected by the cuts. The only store in Nevada that will be closed is the Circuit City in Sparks.