Mexican Tycoon Ups Circuit City Stake

A Mexican media mogul has purchased a larger stake of Circuit City and now owns around 28 percent of the struggling retailer.

According to Bloomberg News, which cited a Securities and Exchange Commission filing, Ricardo Salinas Pliego, who owns the TV broadcasting company TV Azteca and mobile phone firm Grupo Iusacell SA, purchased 5.3 million shares in one day earlier this month and 25 million more later that week. Salinas Pliego paid between 24 and 26 cents per share, Bloomberg said.

The company declared Chapter 11 bankruptcy earlier this month.