Circuit City will close 19 stores, five regional offices and a distribution center by the end of the month.
The company, which on Tuesday said it had received an unsolicited buyout offer from private investment firm Highfields Capital Management LP, has been has losing market share to bigger rival Best Buy Co.
The 19 stores to be closed had combined revenue of $170 million in 2004.
The company said it expects expenses of about $30 million after taxes related to the store and office closings, due to lease terminations, asset disposals, severance and other costs.
Richmond, Virginia-based Circuit City also said it has sold one of the buildings at its corporate headquarters, resulting in a gain of $1.8 million and elimination of $12.6 million in long-term debt.
