Circuit City Group (fka CCTYQ)

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MAJOR CIRCUIT CITY NEWS:UPDATE 1-Circuit City says in deal talks with two partiesFont size: A | A | A8:56 AM ET 1/9/09 | Reuters
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8:59 PM ET 1/8/09
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NEW YORK, Jan 9 (Reuters) - Circuit City Stores Inc CCTYQ.PK said on Friday that it was in deal talks with two undisclosed parties that could either buy the bankrupt electronics chain or provide additional financing.

The parties have substantially completed due diligence and now are in negotiations with Circuit City to finalize a deal, the company said.

Circuit City, which filed for Chapter 11 bankruptcy protection in November, said it had liquidated and closed 155 U.S. stores in November and December.

Earlier this week, Circuit City filed a motion with the Bankruptcy Court for the Eastern District of Virginia seeking approval of procedures that would formally put the company up for sale. (Reporting by Martinne Geller; Editing