UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13G
                    Under the Securities Exchange Act of 1934
                              (Amendment No. ___)*

                               Circuit City Stores

                                (Name of Issuer)

                                  Common Stock

                         (Title of Class of Securities)

                                    172737108

                                 (CUSIP Number)
                                    12/29/00

                (Date of Event Which Requires Filing of this Statement)



Check the  appropriate box to designate the rule pursuant to which this Schedule
is filed:
[X]      Rule 13d-1(b)
[  ]     Rule 13d-1(c)
[  ]     Rule 13d-1(d)

*The  remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for any  subsequent  amendment  containing  information  which  would  alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).













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  CUSIP No. 172737108

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       1.       Names of Reporting Persons
                IRS Identification No:

                OppenheimerFunds, Inc.
                13-2527171
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       2.       Check  the  Appropriate  Box  if  a  Member  of  a  Group  (See
                Instructions):
                Joint filing
                (a)

                (b)

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       3.       SEC Use Only
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       4.       Citizenship or Place of Organization:
                Colorado
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   Number of
     Shares     5.    Sole Voting Power:
  Beneficially        0
    Owned by
      Each
   Reporting
  Person With
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                6.    Shared Voting Power:
                      0
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                7.    Sole Dispositive Power:
                      0
-------------------------------------------------------------------------------

                8.    Shared Dispositive Power:
                      12,194,185
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       9.       Aggregate Amount Beneficially Owned by Each Reporting Person:
                12,194,185 (beneficial ownership disclaimed pursuant to Rule
                13d-4 of the Exchange Act of 1934)

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      10.       Check if the  Aggregate  Amount  in Row  (11)  Excludes
                Certain Shares (See Instructions)
                [  ]
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      11.       Percent of Class Represented by Amount in Row (11):
                5.94%
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      12.       Type of Reporting Person (See Instructions):
                IA
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--------------------------------------------------------------------------------
 Item:
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      1(a)      Name of Issuer:
                Circuit City Stores
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-------------------------------------------------------------------------------

      1(b)      Address of Issuer's Principal Executive Offices:
                9950 Maryland Drive
                Richmond, VA  23233-1464
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      2(a)      Name of Person Filing:
                OppenheimerFunds, Inc.
--------------------------------------------------------------------------------
-------------------------------------------------------------------------------

      2(b)      Address of Principal Business Office or, if none, Residence:
                Two World Trade Center, 34th Floor
                New York, NY 10048-0203
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      2(c)      Citizenship:
                Colorado
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      2(d)      Title of Class of Securities:
                Common Stock
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      2(e)      CUSIP Number:
                172737108
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      3         If this statement is filed pursuant  toss.240.13d-1(b)  or
                240.13d-2(b) or (c), check whether the person filing is a:
                X   An      investment      adviser     in      accordance
                withss.240.13d-1(b)(1)(ii)(E) ----

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      4(a)      Amount beneficially owned:
                12,194,185 (beneficial ownership disclaimed pursuant to Rule
                13d-4 of the Exchange Act of 1934)

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--------------------------------------------------------------------------------

      4(b)      Percent of class:
                5.94%
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      4(c)      Number of shares as to which the person has:
          (i)   Sole power to vote or to direct the vote:  0

          (ii)  Shared power to vote or to direct the vote:  0

         (iii)  Sole power to dispose or to direct the disposition of:  0

          (iv)  Shared  power to dispose or to direct the  disposition
                of: 12,194,185

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       5.       Ownership of Five Percent or Less of a Class: [   ]
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       6.       Ownership of More than Five Percent on Behalf of Another
                Person.:
                See Exhibit A hereto.
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       7.       Identification and Classification of the Subsidiary Which
                Acquired  the  Security  Being  Reported  on By  the  Parent
                Holding Company:
                N/A
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--------------------------------------------------------------------------------

       8.       Identification and Classification of Members of the Group:
                N/A
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-------------------------------------------------------------------------------

       9.       Notice of Dissolution of Group:
                N/A
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      10.       Certification:
                By signing below I certify that, to the best of my knowledge and
                belief,  the securities  referred to above were acquired and are
                held in the  ordinary  course of business  and were not acquired
                and are not  held  for the  purpose  of or with  the  effect  of
                changing  or  influencing  the  control  of  the  issuer  of the
                securities  and were not acquired and are not held in connection
                with or as a participant in any transaction  having that purpose
                or effect.
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                                    SIGNATURE
After  reasonable  inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.


                                                            2/12/01
                                                            Date

                                                      /s/ Philip T. Masterson
                                                            Signature

                                             Philip T. Masterson, Vice President
                                                            Name/Title






                                EXHIBIT A

      The  respective   Boards  of  Directors  or  Trustees  of  the  registered
investment companies managed by  OppenheimerFunds,  Inc. ("OFI") that own shares
of the issuer can direct the disposition of dividends received by such funds and
can dispose of such securities. Additionally, OFI shares the power to dispose of
such securities with the Board of Directors or Trustees of such funds;  however,
the  Boards  of  Directors  or  Trustees  of  such  funds  have  delegated  this
responsibility  to OFI as the Funds'  investment  advisor  under the  respective
investment  advisory  agreements.  OFI has an  interest  relating  to five  (5%)
percent or more of such  securities as disclosed on Page 2 hereof,  by virtue of
the  interest  of five  percent  (5%) or more  of  such  securities  by  various
investment companies managed by OFI. OFI disclaims ownership of such securities,
except as expressly stated herein.
































CircuitCityStores-13g(01).doc