November 15, 2024
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Sales slump prompts Circuit City job cuts

RICHMOND, Va. – Circuit City Stores Inc. will cut about 2,000 jobs, or 4.8 percent of its work force, as it changes how it compensates its salespeople and closes more repair shops amid a sales slump, the electronics retailer announced Wednesday.

The company also said it would relocate or remodel more stores this year.

A spokesman for the Richmond-based chain said he could not be specific about the number of jobs affected at the Maine stores in Bangor and South Portland.

“The best I can give you is that an average of three positions will be reduced at each of our stores nationwide,” said Steve Mullen. He did not know how many people currently were employed at either store and said the company was not releasing information at this time about which stores would be relocated or remodeled.

Calls to the manager at the Bangor store were referred to headquarters in Richmond.

The company said sales at stores open at least a year fell 2 percent in January compared with the same month last year. Taking that decline into account, the company said it expects earnings for its fourth fiscal quarter to amount to 35 cents to 40 cents a share from continuing operations before one-time charges.


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