Circuit City is removed from the New York Stock Exchange

[Luke_Wilbur]

Circuit City Stores, Inc. announced that the New York Stock Exchange ("NYSE") has suspended the company's common stock effective immediately. The NYSE reached this decision in light of the company's announcement to file a voluntary petition for reorganization relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court. As previously announced, the company also was not in compliance with the NYSE's price criteria for common stock because the average closing price of the company's common stock was less than $1.00 per share over a consecutive 30-trading-day period as of October 22, 2008. The company noted that not being listed on the NYSE is not a default under the company's debtor-in-possession revolving credit facility.

 

The company's common stock is currently trading over the counter and is being quoted on the Pink Sheets service under the ticker symbol CCTYQ. The company intends to take appropriate steps to maintain an active trading market for its common stock but can provide no assurance that there will be an active trading market.

 

The company does not intend to take any further action to appeal the NYSE's decision, and therefore it is expected that the common stock will be delisted after the completion of the NYSE's application to the Securities and Exchange Commission.

 

About Circuit City Stores, Inc.

 

Circuit City Stores, Inc. is a leading specialty retailer of consumer electronics and related services. At October 31, the domestic segment operated 712 Superstores and 9 outlet stores in 165 U.S. media markets. At September 30, the international segment operated through 770 retail stores and dealer outlets in Canada. Circuit City also operates Web sites at www.circuitcity.com, www.thesource.ca and www.firedog.com.