The company current plans between 45 and 55 domestic store openings in the current fiscal year, of which 24 have already opened.
"Our current store base doesn't support the customer or associate experience we want to deliver," said James A. Marcum, vice chairman and acting president/CEO. "We expect to dramatically reduce our store openings, other than those fulfilling existing commitments, which are limited."
Previously, the company had announced a review of strategic alternatives. But the current market has made it prudent to focus on improving the existing business, Marcum said.
Still, "All options are on the table with regard to our assets and strategic alternatives," Marcum added.
On a GAAP basis, the second quarter loss from continuing operations before income taxes totaled $235.7 million, compared to a loss of $128.2 million for same period last year. Net sales decreased 9.6% percent to $2.39 billion. Consolidated comparable store sales dropped 13.3%.
As of Aug. 31, Circuit City operated 705 superstores and nine outlet stores in 158 U.S. media markets and 772 retail stores and dealer outlets in Canada.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
