Circuit City closes in Albemarle Square
Richmond-based electronics retailer Circuit City announced today that in an effort to liquify its assets to halt a precipitous decline in the company's earnings, it will be closing 155 of its domestic stores, including the one in Charlottesville's Albemarle Square Shopping Center.
"That's news to me," says Beverley Webb, vice president of Dumbarton Properties, the Richmond firm that owns Albemarle Square, "but we'd hope that whomever Circuit City sells to, that it will be to someone that benefits the shopping center."
Circuit City reported a $240 million loss in the second quarter of this fiscal year, and last week received a notice from the New York Stock Exchange that its stock value has dropped so low that it's in danger of being dropped from the NYSE altogether.
The store closings seem to have appeased Wall Street somewhat. Circuit City stock opened at 29 cents per share this morning, and since this morning's announcement, that value had gone up to 39 cents per share, almost a 50 percent increase. Still that's probably of little consolation to someone who bought Circuit City stock this time last year at $7.56 per share.