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Circuit City to cut jobs, outsource operations
Wednesday, March 28, 2007 2:13:28 PM ET
newratings.com
NEW YORK, March 28 (newratings.com) ? Electronics products retailer Circuit City Stores Inc (CC.NYS) Wednesday announced plans to cut costs through layoffs, store closures and the outsourcing of technology infrastructure operations. The company said it was also exploring strategic alternatives for its InterTran unit.
Circuit City Stores said it would lay off 3,400 staffers and replace them with lower wage workers as part of a "wage management initiative." The company added that it had reached an agreement with IBM Corp for the outsourcing of its technology infrastructure operations, which is expected to result in some more job cuts. Circuit City Stores has already initiated a plan to close some of its stores, besides exploring a possible sale of its Canada-based InterTran unit.
Circuit City Stores aims to cut its fiscal 2008 expenses by $110 million, including $96 million domestically and $14 million internationally, and at least $140 million annually from fiscal 2009 onwards. The company said it expects to record pretax expenses of $144 million in the fourth quarter of the current year. The expenses relate to store closures, goodwill impairment and other restructuring activities.
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Circuit City to cut jobs, outsource operations
Wednesday, March 28, 2007 2:13:28 PM ET
newratings.com
NEW YORK, March 28 (newratings.com) ? Electronics products retailer Circuit City Stores Inc (CC.NYS) Wednesday announced plans to cut costs through layoffs, store closures and the outsourcing of technology infrastructure operations. The company said it was also exploring strategic alternatives for its InterTran unit.
Circuit City Stores said it would lay off 3,400 staffers and replace them with lower wage workers as part of a "wage management initiative." The company added that it had reached an agreement with IBM Corp for the outsourcing of its technology infrastructure operations, which is expected to result in some more job cuts. Circuit City Stores has already initiated a plan to close some of its stores, besides exploring a possible sale of its Canada-based InterTran unit.
Circuit City Stores aims to cut its fiscal 2008 expenses by $110 million, including $96 million domestically and $14 million internationally, and at least $140 million annually from fiscal 2009 onwards. The company said it expects to record pretax expenses of $144 million in the fourth quarter of the current year. The expenses relate to store closures, goodwill impairment and other restructuring activities.
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