Circuit City Monday confirmed plans to immediately close 155 U.S. stores, as part of a wide-ranging bid to restructure and gain liquidity. The troubled retail chain will also reduce future store openings and renegotiate some leases.
In the process, the chain will exit 12 markets altogether. These include Kansas City and Phoenix, as well as all but one store in Atlanta and all but two in Cleveland.
In a statement, Circuit City attributed the move to waning consumer confidence, restrictive actions taken by vendors, and what the company calls the failure of the federal government to remit an $80 million tax refund Circuit City believes it is owed.