Circuit City Won’t Be Sold, And More Stores Coming
Circuit City will not soon be sold or taken over, and the company is concentrating on growing its business. That’s according to an interview given to Reuters by the company’s CEO, Philip Schoonover.
Schoonover said in the interview that while retail in general will likely slow down this year due to the sluggish economy, he is confident Circuit City will rebound, thanks to its “solid plan” for a turnaround.
Also yesterday, Schoonover said that the chain will open 50-60 stores, in its smaller “The City” format, in the next fiscal year, the Washington Post reported. The company also raised its credit line to $1.3 billion,