Circuit City store closures won’t affect Las Vegas

By Tim Richardson

Monday, Nov. 3, 2008 | 8:41 a.m.

Circuit City's decision to shutter 155 of its stores in 55 markets won't affect its four Las Vegas area stores.

The company announced this morning that it would close nearly 20 percent of its U.S. stores to return the country's No. 2 consumer electronics retailer to profitability. The company said the stores likely will close Tuesday or Wednesday.

The company has four locations in the Las Vegas Valley: 3778 South Maryland Parkway, 5055 W. Sahara Ave. and 7781 W. Tropical Parkway in Las Vegas, and 561 North Stephanie St. in Henderson. Those stores will stay open.

Circuit City will close one of its Nevada stores, in Sparks, at 125 Disc Drive.

The move comes as Circuit City heads into a crucial holiday shopping season that could determine its future, amid a slowdown in consumer spending.

"The weakened environment has resulted in a slowdown of consumer spending, further impacting our business as well as the business of our vendors," James A. Marcum, vice chairman and acting president and chief executive officer said in a statement. "The combination of these trends has strained severely our working capital and liquidity."

Shares of Circuit City were up 13 cents -- about 50 percent -- this morning, to 40 cents a share on the New York Stock Exchange.

The Associated Press contributed to this report.