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What you need to know for 11/21/2017

Sixty-nine to lose jobs when Albany Circuit City closes

Sixty-nine to lose jobs when Albany Circuit City closes

Less than a week after announcing plans to liquidate the remnants of its electronics empire, Circ

Less than a week after announcing plans to liquidate the remnants of its electronics empire, Circuit City Stores on Wednesday sent the state Department of Labor a notice detailing the damage the retailer will yield when its Crossgates Commons store closes.

Sixty-nine workers will lose their jobs when the Richmond, Vir. chain closes its Albany store. Circuit City, which filed for Chapter 11 reorganization in a Virginia bankruptcy court, announced Friday it will instead undergo liquidation after failing to hammer out a deal with creditors to sell the company as a going concern.

The March closing is one of the many large store closures industry experts expect to see in the wake of a dismal holiday shopping season — the worst one in almost four decades. The liquidation will result in the closure of 567 Circuit City stores nationwide and the elimination of 30,000 jobs. In 2000, Circuit City moved into a newly-constructed 40,000-square-foot space at Crossgate Commons.

Earlier this month, Kmart notified the Labor Department about plans to close its Glenmont department store. The retailer, which is owned by the Hoffman Estates, Ill.-based Sears Holding Corp., will lay off 90 when the store closes March 15.

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