- The Washington Times - Thursday, March 19, 2009

RICHMOND, VA. (AP) - Circuit City Stores Inc. is eliminating three executives and cut its board of directors by more than half as part of its wind-down process, according to a filing with the Securities and Exchange Commission.

The Richmond-based company is terminating Chief Operating Officer John T. Harlow, general counsel Reginald D. Hedgebeth and the company’s senior vice president of human resources, Eric A. Jonas Jr., effective Saturday.

James A. Marcum, the company’s vice chairman, acting president and CEO, and Michelle O. Mosier, its principal financial officer, will remain to manage the wind-down process, the company said in Tuesday’s filing.

Circuit City also said it has reduced its board of directors from 13 to five. Those who resigned from the board on March 11 are: Carolyn H. Byrd, James F. Hardymon, Lyle G. Heidemann, J. Patrick Spainhour, Ronald L. Turner, Elliott Wahle and Carolyn Y. Woo.

A small staff remains at the corporate office.

The company closed its 567 remaining U.S. stores on March 8 and has laid off about 34,000 workers since filing for Chapter 11 bankruptcy protection in November. Circuit City, which posted losses in seven of its final eight quarters, sought bankruptcy protection as it faced heightened competition, pressure from vendors and waning consumer spending.

It had hoped to emerge this summer as a stronger and more competitive company, but the hobbled credit market and consumer spending cuts proved insurmountable.

Last month, Circuit City received court approval to pay more than 150 employees, including those whose jobs will end on Saturday, as much as $4 million to stay with the company as it winds down, which the company said would increase its value by $250 million.

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