Circuit City to Close Stores, Cut Jobs

Circuit City (CC Quote) said Monday that it's closing 155 U.S. stores, reducing its planned openings and considering a number of options to restructure its business.

The Richmond, Va., company said the moves were partly due to its deteriorating liquidity position and continued weakness in the economy. Shares of Circuit City rose 4 cents to 30 cents in recent trading.

Circuit City, which has long been overshadowed in the consumer-electronics sector by Best Buy (BBY Quote), said a number of factors have hurt its financial state in recent weeks, including declining consumer confidence and slower spending. ...