Circuit City To Close Several Stores – Clearance Sale Wednesday

Come Monday, Circuit City will close seven U.S. stores, which can only mean one thing: clearance sale on Wednesday.

“Because of the intensified gross margin pressures that we saw in the third quarter within the flat-panel television category, we launched efforts to accelerate the timing of planned initiatives to improve sales and gross margin, as well as improve the efficiency of our expense structure,” Chief Executive Philip Schoonover said in a statement.

Circuit City would not identify the stores to be closed because company officials were in the process of notifying employees. The stores will be closed Monday, then reopen Wednesday for clearance sales, spokesman Bill Cimino said.

Mark your calendar for Wednesday. Monday too, when they announce the lucky stores. — CAREY GREENBERG-BERGER

Circuit City To Close 69 Stores, Mostly In Canada [USA Today]