Major Circuit City shareholder sells nearly all its stock in company (10%)

[underpants]

Source: Richmond Times-Dispatch

A major shareholder of Circuit City Stores Inc. has sold nearly its entire stake in the nation's No. 2 electronics retailer, which reported earlier in the week that sales in December had fallen.

The TCW Group Inc., which was formerly the company's largest institutional investor, slashed its holdings to 310,045 shares, which represents a 0.2 percent stake in the company, according to a Securities and Exchange Commission filing yesterday. That's down from a 10.9 percent stake, or 18.3 million shares, TCW reported owning in August.

Based on its sales results, the company continued to back its forecast of a "modest loss" before taxes for the fourth quarter, despite America's traditional holiday hunger for televisions and other high-tech gadgets.

Rival Best Buy Co. Inc. said Friday its comparable-store sales rose 1.5 percent in December on strong sales of video games and notebook computers.



Read more: http://www.inrich.com/cva/ric/news.apx.-content-articles-RTD-2008-01-11-0264.html

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BAD day for Richmond Va businesses-A&N closing all of its stores
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=2660934&mesg_id=2660934

[Burma Jones]

1. Did he have to show his receipt?

[underpants]

2. Okay

that was funny. That should be a DUzy.

Keep laughing there joyboy we are losing our shirts on this :grr:


:hi:

[rocktivity]

3. That's what they get for replacing their staff with lower-paid workers

and publically BRAGGING about it. Cue the Vonage theme!

:woohoo:
rocknation

[quiet.american]

4. What you said. nt

[underpants]

5. Sales down 12% in like December which is like CHRISTMAS n stuff?

Circuit City approves retention awards for top execs

http://www.reuters.com/article/ousiv/idUSN1959866320071219

ATLANTA (Reuters) - Circuit City Stores Inc (CC.N: Quote, Profile, Research), which is working to turn around its business, has approved cash awards designed to retain upper-level executives over the next few years, the electronics retailer said in a federal filing on Wednesday.

A U.S. Securities and Exchange Commission filing said the company's board approved the retention awards of $1 million for executive vice presidents and $600,000 for senior vice presidents. The awards are effective as of January 1, 2008, and vest over a three-year period.

In the filing, Circuit City said the awards were intended "to ensure the stability of the company's leadership team by providing an incentive" for the officers to stay.

--this was Dec. 19th SIX DAYS before Christmas :eyes:

[RaleighNCDUer]

8. Sounds suspiciously like golden parachutes to me.

"We're going down in flames, boys. Here's one last big payout before we jump!"

[workinclasszero]

6. Going down...

Gee look what happens when you fire all of your loyal, knowledgeable, longtime employees and replace them with minimum wage teenagers.

Couldn't see that coming...:sarcasm:

[hvn_nbr_2]

7. The short-sightedness of the corpo greed culture is astounding, isn't it?

They think they can take, take, take and the well will never run dry.

[PassingFair]

9. Where ELSE are you gonna go?

We'll steal the shit from the internets if we NEED it.

But we really don't NEED it, do we.

Race ya to the bottom!

[workinclasszero]

10. Yup

Its sickening. These modern day CEO would sell their souls for a penny profit. They are certainly selling out the USA on a daily basis.