Circuit City Shorts Out 155 Stores

Law360, New York (November 3, 2008, 12:00 AM EST) -- Lending some credence to bankruptcy rumors, Circuit City Stores Inc. has opted to close 155 stores and let go of almost 20 percent of its work force as the global financial crisis continues to claim more victims.

On Monday, the electronics giant revealed that it would be shutting down dozens of outposts and slashing an estimated 17 percent of employees, citing the weakened financial environment and the drying up of liquidity as reasons for the decisions.

"Since late September, unprecedented events have occurred in the financial...
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