Circuit City (CC): Store closures and layoffs may be coming all over the U.S.

Circuit City Stores Inc. (NYSE: CC) is reported to be considering the closure of about 10% of its stores in the U.S. That would leave less stores available to service customers for the heaviest retail shopping season for the year. Yes, another fine example of timing by our Richmond, Va., friends.

The numbers: Circuit City may be closing 150 stores and possibly laying off thousands of employees at the same time, according to a report in The Wall Street Journal this morning. The retailer has already hired advisement firms for raising emergency funds and for possible bankruptcy proceedings. The company will try to avoid bankruptcy before the holiday season, though, as that would completely destroy trust between the few dozen customers it still has and the gift purchases they intend to make in the next few months. Okay, that's not fair: the company has about four dozen remaining customers.

Circuit City spokesman Bill Cimino told the Journal that the various parties involved with trying to find out what to do with the company "are conducting a comprehensive review of all aspects of our business to determine the best methods of accelerating our turnaround." Accelerating a selloff of the pieces of the company is more like it. Its real estate portfolio should be worth quite a bit, yes?