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RICHMOND, VA-Circuit City Stores Inc. plans to close 69 storesthroughout the world as part of a plan to improve its financialperformance. Seven of those stores will be located in the US whilethe remaining will be throughout the retailers internationalportfolio.
"Because of the intensified gross margin pressures that we sawin the third quarter within the flat panel television category, welaunched efforts to accelerate the timing of planned initiatives toimprove sales and gross margin, as well as improve the efficiencyof our expense structure," says Philip Schoonover, chairmanpresident and CEO of Circuit City, in a statement.
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