Petters Considered Buying Circuit City
Circuit City may have collapsed in an entirely different way, had Tom Petters followed through on a plan to buy the retailer.
The disgraced businessman and former owner of Polaroid discussed purchasing the now-defunct chain with colleagues, according to testimony in Petters' fraud trial.
According to the Minneapolis-St. Paul Business Journal, a former employee of Petters testified in court this week that Petters told her he had a plan to make further fraud unnecessary, which included buying Circuit City and ValueVision Media, Inc. Tape recordings to that effect were played before the jury, the journal said.