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Circuit City may become ghost town
USA: The same credit problems that have hit many a home mortgage holder are also threatening to unplug troubled electronics big-box store Circuit City. The nation's second-largest seller of consumer electronics said Monday it will close 155 stores, lay off up to 17% of its 43,000-employee US workforce, and consider all options to restructure its business.
"Since late September, unprecedented events have occurred in the financial and consumer markets causing macroeconomic trends to worsen sharply," said James A. Marcum, acting president and chief executive officer of Circuit City. "The weakened environment has resulted in a slowdown of consumer spending, further impacting our business as well as the business of our vendors. The combination of these trends has strained severely our working capital and liquidity, and so we are making a number of difficult, but necessary, decisions to address the company's financial situation as quickly as possible."
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