Circuit City closing 20 percent of store locations
Filed under: News | By: Daniel
Posted on: November 3, 2008 | 1 Comment
The second largest retailer in the United States is closing about 20 percent of its store locations, Circuit City will shut down 155 stores to survive the recession and keep in business.
Circuit City has around 700 stores currently so they will still keep many more open, but still this is a massive loss of jobs and will have a knock-on effect to many other businesses.
The company is also looking at stores that were to open in the future and it will need to reduce the number of future store openings. Circuit City will also renegotiate the current deals for leases to save both money and stores.
This is just another example of big business trying to stay afloat during the troubled economy.
Source: Read
CLICK HERE to keep updated with the latest news, share a comment or problems with products and services. Follow us on twitter or read more Business news.
Does anyone remember that Circuit City, just a few years ago, was the best performing company in Jim Collins’ book “Good to Great”? Obviously, Mr. Collins’ approach to management is worth some reconsideration given the fall of Circuit City. It would seem a new approach to management would be worth considering. Read more at http://www.ThePhoenixPrinciple.com