Circuit City Sees Loss of as Much as $90 Million (Update1) By Mark Clothier http://www.bloomberg.com/apps/news?pid=20601087&sid=abTuJUM34qcc&refer=home April 30 (Bloomberg) -- Circuit City Stores Inc., the second-largest U.S. electronics retailer, said it expects to post a first-quarter loss of as much as $90 million before taxes as rivals cut prices on flat-panel television sets. Sales were ``substantially below-plan'' this month, the company said today in a statement. Circuit City, based in Richmond, Virginia, withdrew its forecast for a ``strong recovery'' in the second half of the year. The company also withdrew its earlier forecast for a pretax loss of as much as $50 million for the six months through August. Circuit City reported its third quarterly loss in the past two years in April after it cut TV prices to woo shoppers. Circuit City and Best Buy Co. were forced to slash prices during the holiday season after Wal-Mart Stores Inc. and Costco Wholesale Corp. began selling discounted flat-panel TVs. Circuit City fired 3,400 workers, about 8 percent of its workforce, and replaced them with staff at lower wages. Shares of Circuit City fell 8.3 percent to 16 at 5:11 p.m. in trading after the close of U.S. markets. The shares have dropped 8.1 percent this year.