The closings, which will include closeout sales, are expected to be completed by the end of February. Most of the affected stores are superstores, which typically are about 35,500 sf. "Near-term relocation opportunities do not exist for these stores," Circuit City officials say.
Circuit City expects to take about $35 million in charges related to the store closings. The company also said by the end of this month, the company will have relocated 18 superstores, built eight new superstores and remodeled four stores. In fiscal 2005--starting March 1--the company plans up to 70 new superstores all over the country, with about half of these being relocations.
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