Wattles Buys Circuit City Stake, Could Force Changes
The mogul behind Hollywood Entertainment has purchased 11 million shares in Circuit City, giving himself just under 7 percent of the company. And in an interview with Dow Jones Newswires, Mark J. Wattles said both a force of change in leadership and outright purchase of the company are options that are on the table. However, his plan for now, he said, is to make a profit off his current stake.
Wattles, a Colorado-based investor who started Hollywood Entertainment and currently owns 32 locations of Ultimate Electronics Stores. He has been an investor before at various times in both Circuit City and Best Buy.
In a filing Tuesday morning with the Securities and Exchange Commission, the purchase was made by Wattles’ company, Wattles Capital Management, and the purchase was made “for investment purposes.”