Circuit City announced on Monday that it is shutting down 20% of its U.S. stores and laying off 17% of its workforce by December 31, 2008. The move comes as the company experiences its 2nd quarter of losses this year with a 13% decline in sales in September.
By closing 155 of its stores, including 9 in Texas and 3 in the Dallas-Fort Worth area, Circuit City hopes to balance its books. The job losses are just the latest in a string of company layoffs in the Dallas-Fort Worth area. With job losses mounting this fast, it’s doubtful that the economy is resilient enough to replace the jobs at this rate of loss.