Consumer electronics chain Circuit City is implementing plans for massive layoffs and closing 155 stores this week. The technology retailer is joining a list of other businesses that have had to close their doors because of a weakening economy and a less-promising holiday shopping season.

Circuit City, the nation’s second-largest electronics store, said it will reduce its workforce 17 percent, close stores in 55 U.S. markets on Tuesday, and begin a liquidation process on Wednesday. Plans to open 10 new stores next year have been canceled. As of February, Circuit City had about 46,000 employees worldwide.