Circuit City considers closing stores, cutting jobs

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Richmond electronics retailer Circuit City Stores Inc. is considering a plan to shut 150 stores and cut thousands of jobs to avoid bankruptcy, according to a report published Monday morning in The Wall Street Journal.

The company had hired Skadden, Arps, Slate, Meagher & Flom LLP as bankruptcy counsel last month and FTI Consulting Inc. to develop a turnaround plan, according to unnamed sources familiar with the plan.

The company is not commenting on its plans.

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