Circuit City working with advisers to improve business
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AP
Published: October 7, 2008
RICHMOND, Va. (AP) - Circuit City says it is working with advisers to determine how to substantially improve the consumer electronic retailer’s operating and financial performance.
The move is part of the Richmond, Virginia-based company’s announcement last week that it has launched a comprehensive review in order to operate as a standalone business while it continues to explore strategic alternatives.
The company also says that in addition to its previously announced plans to suspend store openings beginning in fiscal 2010, some of the 16 to 26 openings planned for fiscal 2009 also are on hold.
Last week, Circuit City posted a wider second-quarter loss and withdrew its outlook for the full year as it looks toward a holiday shopping season which has even the least vulnerable retailers worried.
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