USA: Retailer hopes new stores will help revive firm's fortunes

Circuit City unveils new formats

Circuit City has taken the wraps of its new concept stores, which it hopes will mark a turnaround in the company’s fortunes after a decade slow decline.

The retailer, which was the number one electronics retailers in the US until Best Buy displaced it in the mid-1990’s, is hoping its new formats, which are smaller and a move away from its old "stack-em high, watch ’em fly" ethos will help it to its first profitable quarter since the second quarter of 2007.

"We have a difficult economy, we have fierce competition and we’re in the middle of some of the most difficult, deepest work in the transformation," chief executive Philip J. Schoonover told The Associated Press.

Its current 22 ‘The City’ stores are expected to be joined by around another 50 to 60 stores during the firms 2009 fiscal year.

Source: USA Today

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