Circuit City Looks To Sell Canadian Units

RICHMOND, VA-In a move to cut costs, electronics-retailer Circuit City Stores is pursuing the sale of its Canadian operations. Called InterTan, Circuit City’s operations north of the border include 800 stores under the names the Source by Circuit City and Battery Plus.

The retailer has hired Goldman Sachs as an advisor is a possible sale. Circuit City has already closed 55 stores in Canada this year, and executives plan to close 10 more in the first half of the current fiscal year. The company acquired InterTan in 2004.

Circuit City is also slashing the positions of 3,400 employees that are “paid well above the market-based salary range for their role,” according to a company statement. The retailer will hire new workers to fill those spots at lower wages.