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Circuit City Halts 2010 Store Openings

RICHMOND, VA-The electronics retailer, posting heavy losses, still has up to 55 new stores planned for the current fiscal year.

By Debra Hazel | Updated on September 30, 2008

RICHMOND, VA-Circuit City Stores plans zero growth beyond existing commitments for fiscal 2010 and is examining store openings for the second half of this year (fiscal 2009) as it looks to improve the performance of its current business, the company said at its second quarter conference call.

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.”

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