Circuit City Stores Inc

Circuit City to Expand Used-Car Superstore Chain: Ending a three-year test, Circuit City Stores Inc. announced plans to open as many as 90 CarMax outlets in 45 metropolitan areas, including Los Angeles, by 2001. CarMax, which lost $6.8 million in its last fiscal year on sales of $304.5 million, operates five stores, including its original store in Richmond, Va., where Circuit City is based.

Many irate Circuit City shoppers discovered the hard way this weekend that going-out-of-business sales don't always mean bargain-basement prices. Tensions have been running high at many of the chain's 567 U.S. stores after the electronics retailer announced Friday that it was ceasing operations and would begin liquidation sales the next day. The news that all merchandise would be discounted 10% to 30% drew throngs of customers to stores across the nation over the three-day weekend.

Circuit City Profits Climb 89%: Circuit City Stores Inc. said third-quarter profits jumped 89% as sales at the company's consumer electronic stores rose faster than expected. For the quarter ended Nov. 30, Circuit City reported earnings of $16.6 million, or 34 cents a share, from $8.8 million, or 19 cents, in the year-earlier quarter. Sales for the quarter rose 16% to $805.4 million from $694 million a year ago. Sales at stores open at least a year, known as same-store sales, rose 8%.

Bankrupt Circuit City Stores Inc. said Friday it was closing its 567 U.S. electronics stores and leaving its 34,000 employees jobless as the nation's employment picture grew bleaker. It was the worst day this year for news of layoffs, bank losses and store closings, and employers signaled more bad news ahead. Car rental firm Hertz Global Holdings Inc., oil producer ConocoPhillips, chip maker Advanced Micro Devices Inc. and health insurer WellPoint Inc.

Circuit City Stores Inc. said Mexican billionaire Carlos Slim made a $1.5-billion buyout offer that it rejected because the $8-a-share cash bid was too low. Slim, who owns 9.2% of the Richmond, Va.-based company, is considering whether to make a fresh proposal for stock in the company he doesn't already own, a spokesman for Slim said.

Best Buy Co. cut its profit forecast Tuesday because of disappointing holiday sales at its music stores, and Circuit City Stores Inc. had a third-quarter loss as it cut prices and sold fewer higher-profit items. Best Buy, the largest U.S. electronics retailer, said profit this quarter would be 5 cents lower than its previous estimate, sending its shares down 5.5%. Shares of smaller rival Circuit City fell 11%.

Strong sales and continued expense control contributed to record high first-quarter profit and revenue for Richmond, Va.-based Circuit City Stores Inc. Earnings increased 83% and sales rose 45% over the same period a year ago, a spokesman reported. The firm said it was "pleased" with the strong performance recorded in virtually every one of its markets, despite somewhat lower industry growth rates, the spokesman added.

Shares of beleaguered electronics retailer Circuit City Stores Inc. rose Monday but closed down after a report said the chain might close at least 20% of its stores to shore up its finances and avoid filing for bankruptcy protection. Citing "several people familiar with the matter," the Wall Street Journal said the nation's second-largest consumer electronics chain was considering closing at least 150 locations and slashing thousands of jobs to avert a Chapter 11 filing.

Circuit City Stores Inc. withdrew its outlook for the full fiscal year and posted a wider second-quarter loss Monday as it looked toward a holiday shopping season that had even the least vulnerable retailers worried. Shares in the nation's second-largest consumer electronics retailer fell more than 20% to their lowest point in 22 years as investors worried about Circuit City's future and analysts questioned how long vendors would keep supporting the company's turnaround efforts. The Richmond, Va.-based retailer, which has seen only one profitable quarter since the second quarter of 2007, said it planned to focus on making customer service state of the art as it battled sluggish sales, poor traffic and heightened competition for customers who are already buffeted by the poor economy.

Philip J. Schoonover, chief executive at Circuit City Stores Inc., stepped down Monday and was replaced by a board member appointed to defuse a fierce proxy battle as the struggling electronics retailer continues its turnaround effort. Schoonover, who also was chairman and president, had joined the company in 2004 from rival Best Buy Co. He will be replaced by board member James A. Marcum, who will stand in as the chain's interim president and chief executive. Former tobacco executive Allen B.

Electronics retailer Circuit City Stores Inc., which put itself up for sale in May, is drawing interest from at least three companies, investor Mark Wattles said. Wattles, whose three board nominees were voted in by shareholders, said that "a ton" of buyout firms were interested in the Richmond, Va., retailer and that a deal might be done within the next month. His comments were the first sign that buyers other than Blockbuster Inc. have been studying the retailer.

Circuit City Stores Inc. on Thursday posted a wider fiscal first-quarter loss and a sales decline that surpassed analysts' estimates. "I wasn't particularly impressed," Anthony Chukumba, an analyst at FTN Midwest Securities Corp. in New York, said after Circuit City reported that its net loss for the period ended May 31 widened to $164.8 million, or $1 a share, from $54.6 million, or 33 cents, a year earlier. Analysts surveyed by Bloomberg estimated an average loss of $1.07 a share.

Circuit City Stores Inc. investor Mark Wattles, owner of 6.5% of the unprofitable electronics chain, said he wanted new directors for the retailer. Wattles Capital Management proposed that each board member should be removed. Circuit City said it would review the proposal, while signaling it wasn't in favor of replacing the directors. Circuit City has reported a loss for five straight quarters.

Circuit City Stores Inc. will cut about 2,000 jobs, or 4.8% of its workforce, and close more repair shops amid a sales slump, the electronics retailer announced. Circuit City said it will stop paying commissions to its salespeople and relocate or remodel more stores this year. In trading on the New York Stock Exchange, Circuit City shares fell 73 cents, or 11%, to $5.86.

Electronics retailer Circuit City Stores Inc., which put itself up for sale in May, is drawing interest from at least three companies, investor Mark Wattles said. Wattles, whose three board nominees were voted in by shareholders, said that "a ton" of buyout firms were interested in the Richmond, Va., retailer and that a deal might be done within the next month. His comments were the first sign that buyers other than Blockbuster Inc. have been studying the retailer.

Circuit City Stores Inc., the second-largest U.S. consumer-electronics chain, said Monday that December sales fell 8.9% after holiday season discounts failed to attract shoppers. Sales in stores open at least a year declined 11.4%. Total sales dropped to $1.92 billion from $2.10 billion a year earlier, according to the Richmond, Va.-based company. Customers defected after Circuit City fired 10% of its U.S. employees, replacing them with people willing to work for less.

Holiday shopping might not be enough to save the fourth quarter for struggling electronics retailer Circuit City Inc. Executives warned that they expected a modest loss in the period, despite America's traditional holiday hunger for TVs and other high-tech gadgets. The Richmond, Va.-based retailer saw shares fall $1.91, or 29%, to $4.