Circuit City to close dozens of stores

Retail electronics giant Circuit City will close dozens of stores, mainly in Canada, and reshuffle management. The move comes as the company faces increased pressure from big chains like Wal-Mart and Best Buy. 62 Canadian stores will close along with 7 United States superstores. Circuit City will also close a distribution center in Louisville Kentucky.

Circuit City had cut its electronics prices in December to lure in customers. While that cut boosted revenues, it also caused a quarterly loss. Other stores, like Wal-Mart, also cut their prices and forced a price war.

As typical in such moves, upper management will get a reshuffle. Chief Merchandising Officer Douglas Moore will leave the company.