Circuit City says it's closing about 20% of its U.S. stores in an effort to return the nation's second-largest consumer electronics retailer to profitability.
The Richmond, Va.-based company said Monday it will shutter 155 of its more than 700 stores in 12 markets by Dec. 31, laying off thousands of employees.
Circuit City (CC, Fortune 500) has had only one profitable quarter in the past year, posting a wider second-quarter loss in September with a 13.3% decline in sales at stores open at least a year. Its results have weakened amid a deteriorating retail environment and heightened competition from rival Best Buy Co. (BBY, Fortune 500) and others.
The company is reviewing its operations while exploring strategic alternatives.
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