October 21, 2008 |
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.
September 30, 2008 |
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.
September 23, 2008 |
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.
June 25, 2008 |
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.
June 20, 2008 |
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.
March 1, 2008 |
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.