Circuit City plans more job cuts: report

A Circuit City location is seen in an undated publicity photo. Consumer electronics retailer Circuit City Stores Inc. plans another round of job cuts, affecting about 850 store managers and headquarters staff, the Wall Street Journal reported in its online edition on Thursday.

NEW YORK (Reuters) - Consumer electronics retailer Circuit City Stores Inc. CC.N plans another round of job cuts, affecting about 850 store managers and headquarters staff, the Wall Street Journal reported in its online edition on Thursday.

Circuit City will shift managers from stores with low sales to busier outlets, reducing about one manager from each of its 654 stores, the Journal said, citing an interview with Chairman and Chief Executive Philip Schoonover.

Another 200 jobs will be eliminated at its Richmond, Virginia, headquarters.

Circuit City, which did not immediately return a call seeking comment, said it had 46,082 employees as of late February.

In March, the company said it would explore a possible sale of InterTan Inc., a Canadian retailer it acquired in 2004. It also replaced about 3,400 store employees with lower-paid staff and said it would close about 65 stores.

Circuit City is in the midst of a multiyear effort to overhaul its business amid losses of market share to rival Best Buy Co. Inc. (BBY.N) and competition from discounters such as Wal-Mart Stores Inc. (WMT.N).