Circuit City Stores, Inc. News
Circuit City Comments on Status of Strategic Alternatives Process
RICHMOND, Va., July 1 PRNewswire-FirstCall — Circuit City Stores, Inc. (NYSE: CC) today reiterated that its previously announced exploration of strategic alternatives to enhance shareholder value is an active and ongoing process.
The company also commented on the announcement by Blockbuster Inc. (NYSE: BBI) that having completed its initial due diligence, Blockbuster has withdrawn its proposal to acquire Circuit City, citing market conditions.
Philip J. Schoonover, chairman, president and chief executive officer of Circuit City, commented, "Our exploration of strategic alternatives is intended to serve the interests of our shareholders by considering every possible alternative to enhance shareholder value. The board's review was not dependent on Blockbuster's participation. We are diligently working with the parties involved in the process, and intend to continue our thorough approach until such point as the board determines upon a particular strategic course of action. The board has not established a deadline for completing the review."
The company does not intend to disclose further developments unless and until the board has approved a course of action.
About Circuit City Stores, Inc.
Circuit City Stores, Inc. (NYSE: CC) is a leading specialty retailer of consumer electronics and related services. At May 31, the domestic segment operated 687 Superstores and 9 outlets stores in 158 U.S. media markets. At May 31, the international segment operated through 775 retail stores and dealer outlets in Canada. Circuit City also operates Web sites at http://www.circuitcity.com, http://www.thesource.ca and http://www.firedog.com.
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SOURCE Circuit City Stores, Inc.
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