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Federal Way Circuit City to close

Post by Marcelene Edwards on Nov. 3, 2008 at 7:50 am with No Comments »
November 3, 2008 7:50 am

Circuit City announced today that it’s closing 155 stores around the country including the store at 34920 Enchanted Parkway S. in Federal Way.

The Richmond, Va.-based company said in a news release that it would shut 20 percent of its stores as part of a plan to return to profitability.

The stores are scheduled to close by Dec. 31.

Circuit City has had only one profitable quarter in the past year, posting a wider second-quarter loss in September with a 13.3 percent decline in sales at stores open at least a year, according to The Associated Press. Its results have weakened amid a deteriorating retail environment and heightened competition from rival Best Buy Co. and others.

The company is reviewing its operations while exploring strategic alternatives.

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