RICHMOND, Va. – Circuit City Stores plans to close about 20 percent of its U.S. stores, but none in Maine, Vermont or New Hampshire is on the closure list.

The No. 2 consumer electronics retailer made the announcement Monday. The Richmond, Va.-based company said closing 155 of its more than 700 stores will return it to profitability. The stores will be closed by Dec. 31.

Circuit City also said it will further reduce new store openings and plans to work with landlords to renegotiate leases, lower rent or terminate agreements.

The company said it expects the stores it is shuttering, which generated about $1.4 billion in net sales in fiscal 2008, will not open on Tuesday and store closing sales will begin on Wednesday.