Cash-Strapped Circuit City Looks to Close 150 Stores

Struggling to avoid a holiday season bankruptcy, retailer weighs options
By Jim O'Neill,  Newser User
Posted Oct 20, 2008 6:15 AM CDT
Exterior of Circuit City store in San Mateo, Calif.   (AP Photo/Paul Sakuma)
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(Newser) – Cash-strapped Circuit City may shutter more than 10% of its nearly 1,500 stores in North America and eliminate thousands of jobs, reports the Wall Street Journal. The company is considering the plan as a way to avoid a holiday season bankruptcy filing, which could leave customers wary of the company's ability to provide warranties on big-ticket items like flat-screen TVs. The nation’s No. 2 electronics retailer’s stock has fallen to 39 cents a share from a 52-week high of $8.72.