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Discount Store News, Jan 21, 1991 by Neil Nordby
* Circuit City toppled 42 percent en route to a close of $12.75. Eroding sales (December comparable same store sales fell 5%), led to a dramatic downturn in profits for the electronics retailer. Specifically, profits for the third quarter of 1990 fell to $4.4 million from $14.6 million in the third quarter of 1989. * Hills also closed lower, as its stock price fell 81% to $1 a share. Overloaded with debt, Hills said it will close 28 of its 214 stores and take a $215 million charge against fourth-quarter earnings. * Stuarts would also rather forget 1990, as its stock cascaded 66.7 % to 75 cents a share. A deteriorating New England economy and brutal competition forced Stuarts to choose the same path as Ames when the retailer filed for Chapter 11 protection from its creditors. [Graph omitted]
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