Circuit City Stores Inc. / CC
About Circuit City Stores Inc.
9950 Mayland Dr., Richmond, Va. 23233
www.circuitcity.com
| 804-486-4000
| Founded: 1949
Industry: Retail | Category: Top Companies Headquartered in Virginia
After a string of profitable quarters, Circuit City Stores Inc. fell back into the red because of a price war over flat-panel TV sets late last year. By February 2007, it was ratcheting up its turnaround plan, which includes closing seven superstores in the United States and 62 stores internationally.
There also were changes in the executive suites. Domestic and international retail stores were placed under Executive Vice President George D. Clark Jr. In February, David L. Mathews was promoted to executive vice president for merchandising, services and marketing. Douglas T. Moore, executive vice president, resigned as chief merchandising officer.
The company's board expanded a previously authorized stock buy-back plan to $1.2 billion last year, and chief executive Philip J. Schoonover took on the additional role of chairman.
In April, Circuit City said it would cut costs by firing about 3,400 workers, or 8.5 percent, of its in-store staff members and replace them with lower-paid workers. In the Washington area, Circuit City has 18 stores and one distribution center.
Chairman and CEO: Philip J. Schoonover
2006 Financial Data
Revenues: $12,429,754,000 | Net Income: $-8,281,000Asssets: $4,007,283,000 | Earnings Per Share: $-0.05
Total employees: 46,024 | Local employees: None
Did You Know
The big-box retailer of consumer electronics operates 655 stores in the United States. The company, founded as Ward's Co. in 1949, has more than 800 retail outlets in Canada through its wholly owned subsidiary, InterTan.
