Circuit City short circuits, prepares to close 155 stores
Circuit City is doing sh*tty these days. You know it's bad when Sony holds back shipment of PS3s for fears that the retailer couldn't properly pay for them. While not confirmed to be true, that rumor is especially bad for a retailer said to hold up to 10% of the videogames market in North America. Things seem to be getting worse now, with store closures on the horizon.
Just a month before U.S. shopping rampage Black Friday, it looks like Circuit City will be closing 155 stores. Engadget says that the news was doled out at the "holiday kickoff" meeting. Harsh. A full list of closing stores is supposed to be released soon.
Gizmodo is hearing similar things. They say that the Midwest stores are getting the cut, as they're the ones that underperform for the company. An employee chimed in to say that a store meeting confirmed that a liquidity firm would be taking over soon.
Best Buy seems to be squashing them. I don't think there's much difference in price between the two, though. Maybe it's the commercials. Circuit City has the worst commercials ever. Remember the stupid one where a huge plug plugs into the store's roof? With the lighting bolts and all?
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