Circuit City to Close Stores
Circuit City to Close Stores:
Bad News, Part 2
"Circuit City to Close Stores
By Nat Worden
TheStreet.com Staff Reporter
"Circuit City (CC:NYSE - news - research) revealed plans Wednesday to slash a sizable chunk of its operations, one day after a hedge fund offered to acquire the company in a $3.2 billion leveraged buyout. The electronics chain will shut 19 underperforming stores, five regional offices and a Virginia distribution center by the end of February. The 19 stores on the chopping block accounted for $170 million in revenue in 2004, and the company expects to record a charge of $30 million in the fourth quarter related to the restructuring. "
Bad News, Part 2
"Circuit City to Close Stores
By Nat Worden
TheStreet.com Staff Reporter
"Circuit City (CC:NYSE - news - research) revealed plans Wednesday to slash a sizable chunk of its operations, one day after a hedge fund offered to acquire the company in a $3.2 billion leveraged buyout. The electronics chain will shut 19 underperforming stores, five regional offices and a Virginia distribution center by the end of February. The 19 stores on the chopping block accounted for $170 million in revenue in 2004, and the company expects to record a charge of $30 million in the fourth quarter related to the restructuring. "
0 Comments:
Post a Comment
<< Home