Electronics retailer Circuit City Stores Inc. announced Dec. 17 that it plans to break the leases for 154 of the 155 stores

Electronics retailer Circuit City Stores Inc. announced Dec. 17 that it plans to break the leases for 154 of the 155 stores it’s closing this month. The company was scheduled to auction the leases on Dec. 18 as part of its Chapter 11 proceedings, but too few bids came in to hold the auction. The chain will now break a total of 304 leases, including 150 it received approval to break for already-shuttered locations. The company had originally hoped to sell the leases to reduce its costs and aid in its restructuring; the leases had an average of about 10 years remaining.

Posted in: Circuit City Stores Inc