Perennially struggling big box retailer Circuit City announced Thursday that it plans to close 70 stores, most of them in Canada.
Executives said competition in the flat-panel TV business has gotten particularly cutthroat, pushing down profits as Circuit City has had to match price cuts by competitors such as Wal-Mart.
The company plans to shut down 62 underperforming stores in Canada and eight U.S. "superstores," as well as trimming some poorly performing product lines.
Circuit City to close stores, change management[Reuters]
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