More bad news for Circuit City. Sources 'familiar with the company' say that as many as 150 stores across the U.S. will be closed. Earlier this month, the retailer hired Skadden, Arps, Slate, Meagher & Flom LLP and it has also retained FTI Consulting Inc to develop a turnaround plan as well as investment bank Rothschild Inc to guide talks with banks and secure emergency financing.
The company's advisers are trying to line up additional financing but so far lenders have shown little interest, the paper said.
"The management team, board of directors, and its strategic financial advisers are conducting a comprehensive review of all aspects of our business to determine the best methods of accelerating our turnaround," Circuit City spokesman Bill Cimino told the paper without giving details of the plans.
A spokesperson for the company could not be immediately reached for comment.
Tuesday, October 21, 2008
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