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Circuit City Seeking Outside Counsel

10/07/2008 10:58:00 AM Eastern

Richmond, Va. — Circuit City confirmed it has brought in outside advisors to suggest a course of action for the ailing consumer electronics retailer.

The Associated Press, quoting a Circuit City spokesman, said the company turned to the consultants as part of a comprehensive review of the business, which acting CEO James Marcum announced last week.

The spokesman also specified that 16 to 26 store openings planned for the current fiscal year have been put on hold. The postponements come in addition to previously announced plans to suspend all store openings in fiscal 2010, which begins in March.