Circuit City in talks for possible sale
By Michael Kitchen
Last update: 8:43 a.m. EST Jan. 9, 2009Comments: 3
NEW YORK (MarketWatch) -- Circuit City Stores Inc. (CCTYQ:Circuit City Stores, Inc.- Circuit City Group
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3:59pm 01/08/2009
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CCTYQ 0.16, +0.01, +6.7%) said Friday it is in talks with "two highly motivated and interested parties" to help finance the bankrupt retailer or possibly purchase it or its assets. "The parties have substantially completed due diligence and now are in negotiations with the company and the company's major stakeholders in order to finalize such a transaction," Circuit City said in a statement, saying it had filed a motion Jan. 5 to allow the sale of the company. The motion allows for an auction of the company and its assets on Jan. 13 and a sale hearing on Jan. 16. Meanwhile, the company said that over the past two months, it had completed the closure and liquidation of 155 U.S. stores, as planned.
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Comments: 3
If out for sale? Why didn't they sell it to Block Buster (BBI) for $6 per share a few months ago......the CEO & executive should be sued & kicked out.
- bigal333
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