Circuit City considering store closures, layoffs: report

FROM TWICE: Move to avoid bankruptcy

By Alan Wolf of TWICE -- Video Business, 10/20/2008

OCT. 20 | FROM TWICE: Circuit City is considering closing at least 150 of its 712 stores and cutting thousands of jobs to stave off a Chapter 11 bankruptcy filing before the holiday selling season, according to a report in today’s Wall Street Journal.

The newspaper, citing anonymous sources, said the retailer has retained bankruptcy counsel, a turnaround consultant, and is working with the Rothschild investment bank to help secure debtor-in-possession financing, which allows a company to pay for its day-to-day expenses while in Chapter 11.

Read the full story on TWICE.com.

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