Earlier today Circuit City released a Press Release announcing their store-closing plan. The list includes 155 domestic stores that will be turned over to liquidators today. Also plans to reduce future store openings and renegotiate current leases.

If that news wasn’t bad enough Circuit City also received a notice from the New York Stock Exchange (NYSE) that their stock price has averaged under the required $1 stock price for the last 30 trading days. They have ten business days to inform the market of their plan to raise the current stock price above $1 in the next six months. Circuit City’s symbol (CC) will be tagged with (.BC) indicator to show that they don’t meet the standard requirements. At the end of the trading day Friday the stock price was a staggering .26 cents.

Another rumor floating all over the web is that Sony stopped nationwide shipments to Circuit City distribution centers in fear of non-payment for the shipments. So Circuit City wouldn’t be getting any more shipments from Sony until they prove their reliability. Bill Cimino, Circuit City’s Director of Corporate Communications, addressed this issue on the Circuit City blog and denies all accounts of the rumor and states the are still getting shipments from Sony.

According to the Press Release from Circuit City, “The Company expects that impacted stores will not open on Tuesday, November 4, and the store closing sales will begin on Wednesday, November 5. The company expects the sales to be completed no later than calendar year end.”

So if you are still not sure about Circuit City’s future, it’s not looking good at all. To see if your local store is closing here is the list. And check out your local store for “Black Friday” deals coming to an abandoned store near you.

[ via Gizmodo]

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