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 Activist investor Mark Wattles sent a letter to Circuit City Stores Inc. calling for the ouster of its chairman and chief executive officer Philip Schoonover and among other things, the hiring of a "nationally recognized investment bank" to evaluate interest from any potential buyers.
Wattles initially announced a 6.5% stake in the Richmond, Va., electronics retailer in January. The investor in late February nominated a slate of five directors and said he would push to oust management and urge a sale, including a possible buyout by his firm Wattles Capital Management LLC. His criticism of Circuit City's management has centered on its emphasis of new concepts rather than existing store improvement. A Circuit City spokesman said the board received Wattles' letter and will "respond in due course." Prior to his career as an activist investor, Wattles was best known as the founder of Hollywood Entertainment Corp., which he sold to Movie Gallery Inc. for $1.2 billion in 2005. The combined company is now in bankruptcy. - Michael Rudnick See Wattles' letter via SEC Edgar Categories Deal Video
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