Circuit City gives up fight as Icahn circles: related news

Circuit City Stores (CC) NewsBite - Circuit City Tumbles after BBI Drops Bid

Circuit City Stores Inc. (CC) opened at 2.22. So far today, the stock has hit a low of 2.10 and a high of 2.27. CC is now trading at 2.18, down 0.37 (-16.67%). The stock hit its 52 week high of 15.33 in July and set its 52 week low of 2.10 today. CC has been moving downwards for the past year. Circuit City Stores shares have been taking a hit after Blockbuster Inc. (BBI) withdrew its bid for the company, citing "market conditions." In April, Blockbuster had offered to buy Circuit City for at least $6 a share, or more than $1 billion. Technical indicators for the stock are bearish and steady while S&P gives CC a neutral 3 STARS (out of 5) hold rating. We will just watch this one for now. There are no trades that we like for CC. [RHF - Seven Summits Strategic Investments NewsBite]

Icahn Ready to Buy Circuit City

NEW YORK -- Consumer electronics retailer Circuit City Stores said Friday that it will allow Blockbuster to review its books in connection with the video-rental chain's bid to buy the company. Circuit City also revealed that it received a letter from Blockbuster indicating that the company's largest shareholder, investor Carl Icahn, is prepared to buy Circuit City on his own if Blockbuster can't get financing or can't get shareholder approval.

Circuit City Honors 'Best in Class' Vendors

RICHMOND, Va., May 21 /PRNewswire-FirstCall/ -- Circuit City Stores, Inc. today honored vendors who put customers first while demonstrating "best in class" performance with the sixth annual Circuit City Vendor Recognition Awards. The awards are split into two categories: merchandising vendor excellence and supply chain vendor excellence. The 13 vendors chosen for the 2007 Merchandising Vendor Excellence Award have shown a commitment to Circuit City and its customers by focusing on the growth of the business relationship, supply chain performance, product profitability and year-over-year impact on Circuit City's revenue. The 27 vendors honored with the 2007 Supply Chain Excellence Award have maintained consistent delivery performance in a flexible consumer environment, allowing for a reduction in cost of the supply chain while ensuring pro

Circuit City Shareholder Launches Proxy Fight; Slams Blockbuster Rejection

Circuit City has another mess to deal with. In addition to fending off Blockbuster (NYSE: BBI), it now has a proxy fight on its hand. Wattles Capital Management, a 6.5 percent holder of the company’s shares, has submitted a slate of five candidates to the company’s board. In its statement, the firm derides the company’s operating performance, adding: “we are deeply concerned by the Board’s track record of rejecting what has appeared to be legitimate third-party interest in acquiring the Company for a premium, including the recent offer of Blockbuster Inc. to acquire the Company for between $6.00 and $8.00 per share in cash.� While Circuit City has questioned where the financing will come from, Wattles says this is hogwash, given that Carl Icahn has apparently agreed to finance the deal.

Circuit City Gives Up the Fight

Circuit City is finally throwing in the towel. Confronted with weak sales, impatient shareholders, and a U.S. consumer pummeled by recession, the electronics chain capitulated on May 9 and retained Goldman Sachs to help negotiate a deal. The same day, Circuit City Stores (CC) agreed to allow three board nominees from activist shareholder Mark Wattles to stand for elections [BusinessWeek.com, 4/8/08].

Line forms for Circuit City check-out

Looks like the failure to find a reliable power supply has finally fried Circuit City. The board of the battered big-box electronics retailer, under siege from both inside and out, decided to stop struggling and let Goldman Sachs help sort out its strategic options, which at the moment seem to total just one — a buyout offer from Blockbuster (see “Blockbuster has seen the future, and it’s … Circuit City?“). After being reassured that Blockbuster’s biggest stockholder, activist Carl Icahn, was backstopping the bid, Circuit City’s board gave the suitors the OK to take a closer look at its books, bravely maintaining that it “has confidence in the company’s ability to successfully implement its turnaround plan and generate shareholder value,� but feeling obligated to look at alternatives.

Icahn Enters Fray For Circuit City

In this April 14, 2008 file photo, shoppers walk out of a Circuit City store in Richmond, Va.. Circuit City Stores says it received a letter Friday, May 9, 2008, stating Blockbuster's largest shareholder Carl Icahn is prepared to buy the company if Blockbuster does not receive the appropriate financing or shareholder approval.

Circuit City Opens Its Books to Blockbuster

Circuit City, the electronics retail chain, has effectively put itself up for sale. Circuit City announced today that it has hired Goldman Sachs & Co to help explore strategic alternatives, and would allow the video rental company Blockbuster to examine its books in its unsolicited takeover bid to acquire Circuit City.

Icahn Enters Fray For Circuit City

In this April 14, 2008 file photo, shoppers walk out of a Circuit City store in Richmond, Va.. Circuit City Stores says it received a letter Friday, May 9, 2008, stating Blockbuster's largest shareholder Carl Icahn is prepared to buy the company if Blockbuster does not receive the appropriate financing or shareholder approval.

Circuit City and WCM reach agreement

Circuit City Stores, a specialty retailer of consumer electronics and related services, and Wattles Capital Management have reached an agreement under which the former's board of directors will select three of the latter's director nominees and include them as nominees of the board at Circuit City's 2008 annual meeting. In addition, one of the Wattles Capital Management nominees will become a member of the executive committee of the Circuit City board.

Circuit City gives up fight as Icahn circles

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Circuit City Schedules June 19 Earnings Call

June 11, 2008 (FinancialWire) Circuit City Stores, Inc. (NYSE: CC) (Current Market Cap: US$ 708.93 Mil.) plans to report its results for the quarter ended May 31 on June 19. The company plans to host a conference call at 10: 00 a.m. ET that day. The call will be available via dial-in or webcast from the company s site. A replay will be available through June 26. A replay will also be available on the Circuit City investor information home page. Richmond, Virginia-based Circuit City Stores is a specialty retailer of consumer electronics and related services. At May 31, the firm s domestic segment operated through 687 Superstores and nine outlet stores in 158 U.S. media markets. At May 31, the company s international segment operated through 775 retail stores and dealer outlets in Canada.

Circuit City CEO Received $2.1M In 08

May 30, 2008 (FinancialWire) The chief executive of Circuit City Stores (NYSE: CC) (Current Market Cap: US$795.02 Mil.) received compensation in fiscal 2008 valued by the company at about $2.1 million. Other companies in CC's sector include Best Buy Co. Inc. (NYSE: BBY), Dell Inc. (NASDAQ: DELL), and Wal-Mart Stores Inc. (NYSE: WMT). Philip J. Schoonover received far less than the $17.1 million from 2007, mostly because he was granted stock and options worth $16 million from his promotion to CEO in March 2006 In 2008 Schoonover received about $900,000 plus $994,000 in stock and options and $178,105 in other compensation. In fiscal 2008, Circuit City reported a loss of $319.9 million, or $1.95 per share. Circuit City was enrolled in Investrend Research affiliate ValuEngine's professional analyst program.

Blockbuster Looks At Circuit City's Books; Ditches Acquisition Offer

We were one of a very small number of people who actually saw some logic behind Blockbuster bidding for Circuit City -- though, it seemed unlikely that Blockbuster viewed the purchase in the same way we did. Most people assumed (probably correctly) that Blockbuster didn't really have much of a plan at all, other than to merge the two struggling companies and have an even bigger mess on their hands. Blockbuster has now withdrawn the offer to buy Circuit City, gamely claiming that it has to do with "market conditions" and a better understanding of just how awful Circuit City's books appear to be. That's press release talk. What's more likely is that Blockbuster realized that everyone was right: it would screw up the merger and make a bad situation worse.

US: Blockbuster Drops Bid For Circuit City

Blockbuster Inc has dropped its $1.35bn bid for Circuit City Stores, saying the move was prompted by a closer look at the electronic retailer’s books. Blockbuster Chairman and CEO Jim Keyes noted, “Based on market conditions and the completion of our initial due diligence process, we have determined that it is not in the best interest of Blockbuster's shareholders to proceed with an acquisition of Circuit City”. The news sent shares of Circuit City plummeting 14% in trading after the close of US markets.

Blockbuster backs out of Circuit City offer

Video retailer Blockbuster tonight said it has withdrawn its offer to buy Circuit City. The company provides few details as to the reason for its sudden exit but says that a combination of "market conditions" and the process of due diligence, or examining the health of Circuit City as a business, have led it to believe that a takeover of the electronics chain is not in its best interests. Blockbuster still argues that the idea of unifying media and electronics under one name but that it will have to do so through its own stores rather than Circuit City's locations.

Klipsch and Energy Audio Products To Arrive in Stores and Online at Circuit City

RICHMOND, Va., June 18 /PRNewswire-FirstCall/ -- Klipsch Group, Inc. and Circuit City Stores, Inc., today announce that Circuit City will be introducing a superior selection of home audio equipment, including products offered under the Klipsch and Energy brands in all of Circuit City's nearly 700 stores nationwide and online at

Blockbuster Withdraws Proposal to Acquire Circuit City

Dallas-based Blockbuster Inc. announced Tuesday the withdrawal of its proposal to acquire Richmond, Va.-based Circuit City Stores Inc. Jim Keyes, Bockbuster chairman and CEO, said the company decided not to proceed with the acquisition "based on market conditions and the completion of our initial due process." He also said the proposition was not in the best interest of Blockbuster's shareholders. In response to the withdrawal, Philip Schnoonover, chairman, president and CEO of Circuit City, has said that "The board's review was not dependent on Blockbuster's participation." Circuit City is still exploring strategic alternatives, but will not disclose more information until the board approves a course of action.

Circuit City (CC) Spikes 10% On Strategic Options News

Circuit City Stores, Inc. (NYSE: CC) is up 10% in pre-open action following news the company retained Goldman Sachs to assist the company in exploring strategic alternatives to enhance shareholder value. Circuit City also said it will allow Blockbuster (NYSE: BBI) and Icahn to conduct additional due diligence, subject to customary confidentiality arrangement, related to Blockbuster's proposal to acquire the company.

Circuit City Considers Blockbuster Offer

RICHMOND, VA-Circuit City’s management is letting Blockbuster Inc., along with the video chain’s largest shareholder and renowned billionaire financier Carl Icahn, conduct due diligence in order to acquire the locally-based electronics retailer. Circuit City first made a potential Blockbuster offer public last month.

Circuit City opens the books

NEW YORK (MarketWatch) -- Circuit City Stores Inc. said Friday that it has hired Goldman Sachs & Co. to help it explore strategic alternatives, adding that it will allow video-rental chain Blockbuster Inc. and its largest shareholder, Carl Icahn, to conduct due diligence in Blockbuster's bid to acquire Circuit City.

Circuit City's Light Dimming Out - Q1 Earnings Preview

(RTTNews) - Consumer electronics retailer Circuit City Stores Inc. (CC) is scheduled to announce its first-quarter results before the market opens on Thursday. Circuit City's results will come under particular scrutiny, as the company is exploring strategic options, opening its books to movie rental firm Blockbuster Inc. (BBI) and billionaire investor Carl Icahn. Also, electronic retailers have been closely watched lately, as Wall Street tries to figure out how the consumer is holding up in the face of a weak economy and rising prices.

Circuit City's Light Dimming Out - Q1 Earnings Preview

(RTTNews) - Consumer electronics retailer Circuit City Stores Inc. (CC | Quote | Chart | News | PowerRating) is scheduled to announce its first-quarter results before the market opens on Thursday. Circuit City's results will come under particular scrutiny, as the company is exploring strategic options, opening its books to movie rental firm Blockbuster Inc. (BBI | Quote | Chart | News | PowerRating) and billionaire investor Carl Icahn. Also, electronic retailers have been closely watched lately, as Wall Street tries to figure out how the consumer is holding up in the face of a weak economy and rising prices.

Circuit City hires Goldman for Blockbuster sale and avoids proxy battle

Goldman Sachs has been hired by Circuit City to advise on the possibility of being taken over by Blockbuster, which alongside its largest shareholder, activist investor Carl Icahn, is set to begin due diligence on Circuit City after last month making a bid of between $6 to $8 per share.

UPDATE: Circuit City Agrees To Due Diligence In ...

NEW YORK (Dow Jones) -- Circuit City Stores Inc. said Friday that it has hired Goldman Sachs & Co. to help it explore strategic alternatives, adding that it will allow video-rental chain Blockbuster Inc. and its largest shareholder, Carl Icahn, to conduct due diligence in Blockbuster's bid to acquire Circuit City.

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