With a share price that has reached as low as $3.35 recently, it is probably too late to short severely troubled electronics chain Circuit City.
However, those who are stuck with shares of this rapidly declining company are surely looking to the heavens above and davening for a sale.
Investor Mark Wattles, founder of Hollywood Video and owner of a 6.5% stake in Circuit City, is one of those praying. He has taken recent steps that have allowed him to successfully install three of his five nominees to the board of directors. Wattles has claimed that there is one interested party in buying the chain and that an announcement will be made "within four weeks."
The God-I-Daven-ToTM, aka Carl Icahn, backed Blockbuster when it offered $6 a share to buy the company in April. However, at first, Circuit City rebuffed attempts. Under intense criticism and pressure from shareholders in recent weeks, management has finally allowed Blockbuster to examine its finances and has also hired Goldman Sachs to help it explore a sale.
Carl, blog update please?
--Senior electronics correspondent Travis
Posted by jerrydill , Jun 25, 2008 4:23PM
Having Blockbuster purchase Circuit city would be great for him. Clever title.
Posted by jerrydill , Jun 25, 2008 4:26PM
Having Blockbuster purchase Circuit city would be great for him. Clever title.
Posted by guest , Jun 25, 2008 4:26PM
davening... must be a BL post
Posted by guest , Jun 25, 2008 4:37PM
Senior retail correspondent Travis
Where is DB finding these idiots?
Posted by guest , Jun 25, 2008 4:41PM
4:26PM--Senior electronics correspondent Travis
Posted by guest , Jun 25, 2008 4:44PM
4:37PM- they're interns, you asshole
Posted by guest , Jun 25, 2008 4:46PM
davening? I understand...but how many people do?
Posted by Anal_yst , Jun 25, 2008 5:05PM
True, maybe what, 25% heeb on here, tops, maybe higher in NYC than elsewhere though obviously
Posted by american bandersnatch , Jun 25, 2008 5:23PM
Is Travis a hebrew name? I'm thinking gay cowboys or the program director on WKRP.
Posted by guest , Jun 25, 2008 5:37PM
Hey Mark,
For a little help with my mortgage and my campaign, I can hook you up!!!
Grey-Hair from Conn......
Posted by Cincinnatus C , Jun 26, 2008 12:42AM
i've never met a jew named travis before. maybe he's from the south.
Posted by guest , Jun 26, 2008 10:52AM
so this is a loser company buying another loser company? two wrongs do not make a right!
The only good thing about circuit city is there distribution network. Store locations suck every where.
Posted by guest , Jun 26, 2008 11:49AM
No way anyone named Travis is davening. I bet it's Bess making it appear as if Carney has a larger staff. Only in her dreams.