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Circuit City may sell all its Canadian stores

Last Updated: Wednesday, March 28, 2007 | 12:00 PM ET

CBC News

Circuit City said Wednesday it is thinking of selling its entire Canadian operation as part of a drive to save money.

The second largest home electronics chain in the U.S. said its board has hired Goldman Sachs to "explore strategic alternatives" for its InterTan division — the part of the company that operates its Canadian stores.

Radio Shack stores in Canada were rebranded as The Source by Circuit City stores in 2004.
(Canadian Press file photo)

Circuit City bought InterTan in 2004 for $371 million and rebranded the Canadian stores it acquired as "The Source by Circuit City," replacing their previous Radio Shack branding. InterTAN also operates Battery Plus outlets.

Circuit City operates more than 800 retail stores and dealer outlets in Canada. In February, Circuit City announced it would close 62 underperforming company-owned The Source stores in Canada.

Circuit City also announced Wednesday it would fire 3,400 U.S. employees who it said were paid "well above the market-based salary range for their role." It said it would replace them with people willing to work for less.

"We are taking a number of aggressive actions to improve our cost and expense structure, which will better position us for improved and sustainable returns in today's marketplace," CEO Philip Schoonover said in a release.

This story is now closed to commenting.

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Circuit City closing 62 stores in Canada (Feb. 8, 2007)

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Circuit City may sell all its Canadian stores

Last Updated: Wednesday, March 28, 2007 | 12:00 PM ET

CBC News

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