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As he pushes for the sale of ailing electronics retailer Circuit City Stores Inc., investor Mark Wattles reportedly said Tuesday the company may have several interested bidders.
An agreement could come within a month, Reuters quoted Wattles as
saying on a call after the company's annual meeting Tuesday, adding
that he was "very confident" the price and the bidder would be revealed
within a few weeks. Wattles is a 6.5% shareholder in Richmond, Va.-based Circuit City through his investment fund Wattles Capital Management LLC.
But hope for Circuit City's future prospects seems to have dimmed. The company on Thursday reported a wider quarterly loss than was expected and said it would suspend its future dividend. The company also said it filed a shelf registration statement with the Securities and Exchange Commission to shore up reserves and confirmed its strategic review was ongoing. Following a plunge Monday, Circuit City shares closed down .59% Tuesday at $3.35. On Wednesday, they are one year to the day off their 52-week high of $15.99. Meanwhile, according to several reports, analysts believe a Blockbuster Inc. deal is unlikely. Blockbuster shares closed up nearly 4% Tuesday at $2.62. -- Carolyn Murphy See full story on TheDeal.com See related: Deal rumors have the opposite effects See Dealwatch: Activist investors' retail campaigns See Dealwatch: Blockbuster Categories Deal Video
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