Wattles: Circuit City Has Three Suitors
At Circuit City’s annual meeting Tuesday, investor Mark J. Wattles told the Associated Press that three different companies are circling the retailer in regards to a possible sale, and that he expects a sale of the company to be announced within the month.
Wattles, whose slate of three directors was officially added to the company’s board by virtue of a vote at the meeting, did not name the three companies but told the AP that they are “in the late stages of conducting due diligence” in regards to a possible purchase. Circuit City already announced it was opening its books to Blockbuster, Inc., but Wattles did not confirm that Blockbuster was one of the three suitors.
Also in the meeting, CEO Philip J. Schoonover did not give an update on the company’s potential sale, and asked for more time for the company to execute its turnaround plan, the AP said.