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Circuit City Stores, Inc. will restructure its executive management and close seven under-performing Superstores by the end of February. It said the changes will better align it to meet the changing consumer electronics retail marketplace as well as improve financial performance.
David L. Mathews will now lead the merchandising, marketing, services, and supply chain teams. All retail channels, including all domestic and international retail stores and Circuit City Direct, will report to George D. Clark, Jr., executive vice president, multi-channel sales. The seven stores being closed are either cash flow negative or are very low-volume, low-cash flow stores with older formats. Separately, in February, the company will close one Superstore in advance of opening a replacement store in the first quarter of fiscal 2008.
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