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Article: Flat-Panel Woes Prompt Moves At Circuit City.(Circuit City Stores Inc.)
- Article from:
- TWICE
- Article date:
- February 12, 2007
- Author:
CopyrightCOPYRIGHT 2007 Reed Business Information, Inc. (US). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Alan Wolf
RICHMOND, VA. - Circuit City has overhauled its corporate structure and will close stores in the United States and Canada in a dramatic bid to improve its financial performance.
The company said it took the actions in response to the profound price and margin declines in the flat-panel TV category which have severely crimped the company's profits. The No. 2 CE chain had made advanced TVs the pillar of its merchandising strategy in its attempt to recapture market share.
The reorganization consolidates Circuit City's reporting structure by placing David Matthews, formerly president of Circuit City's multichannel direct sales ...