(Corrects headline to show that company is considering shutting
stores and job cuts, not that it will do so)
Oct 20 U.S. electronics retail chain, Circuit
City (CC.N) is considering closing at least 150 stores and
cutting jobs, the Wall Street Journal said citing people
familiar with the company.
Earlier this month, the retailer hired Skadden, Arps, Slate,
Meagher & Flom LLP and it has also retained FTI Consulting Inc
(FCN.N) to develop a turnaround plan as well as investment bank
Rothschild Inc to guide talks with banks and secure emergency
financing, the paper said.
The company's advisers are trying to line up additional
financing but so far lenders have shown little interest, the
"The management team, board of directors, and its strategic
financial advisers are conducting a comprehensive review of all
aspects of our business to determine the best methods of
accelerating our turnaround," Circuit City spokesman Bill Cimino
told the paper without giving details of the plans.
A spokesperson for the company could not be immediately
reached for comment by Reuters.
(Reporting by Savio D'Souza in Bangalore)