Circuit City to Close 155 Stores, Lay Off Thousands

Rumors are swirling across the ‘Net that Circuit City plans to shutter at least 155 stores, beginning the process as early as Monday morning (Nov. 3).

According to various sources, the electronics giant is pulling out of at least a dozen major metro areas, and bringing liquadators in to shut down the stores.

Among the first two services to get the axe will be Circuit City’s Firedog service and their car stereo installation shops.

The rest of the store, employees, merchandise, and all, will be out the door by the end of December.

This news should not come as a great shock - it was only a handful of days ago that the Wall Street Journal ran an article about Circuit City planning to downsize, and most recently, the company has said that it has been warned about being delisted from the New York Stock Exchange, due to a share price below $1 for over 30 days.

No news on severance packages or benefits for laid off employees has been announced yet.