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Circuit City Appoints ‘Turnaround Executive,’ Hints at Sale
Board "continues to pursue strategic alternatives," including selling the company.
Embattled consumer electronics retailer Circuit City has seen its stock plummet to as low as $1.72 on NYSE (today it sits at $1.86).
It saw Blockbuster withdraw a $1 billion proposal to acquire it.
And it recently postponed the completion of a $45 million distribution facility.
As part of an effort to turn things around, Circuit City Stores Inc. announces director James A. Marcum has been appointed vice chairman.
In a press release, the company writes it expects Marcum to play a key role in accelerating the company’s turnaround.
Philip J. Schoonover, Circuit City's chairman, president and chief executive officer, calls Marcum “a highly-experienced retail turnaround executive.” He adds, “I believe he will be a great partner to me and the rest of the management team as we focus on ways to improve our business."
Circuit City continues to explore selling the company, according to the Richmond-Times Dispatch. The report interprets Schoonover’s comments as an indication the company is still on the market, saying Blockbuster was just one of many suitors.
"Today's announcement shows that the management team remains fully committed to delivering value to shareholders in the near term through the successful execution of our turnaround plan," Schoonover adds.
"Meanwhile, the board continues to pursue strategic alternatives for the company that offer the best possible results for our shareholders in the long term."
Marcum was formerly chief financial officer of Hollywood Entertainment.
It saw Blockbuster withdraw a $1 billion proposal to acquire it.
And it recently postponed the completion of a $45 million distribution facility.
As part of an effort to turn things around, Circuit City Stores Inc. announces director James A. Marcum has been appointed vice chairman.
In a press release, the company writes it expects Marcum to play a key role in accelerating the company’s turnaround.
Philip J. Schoonover, Circuit City's chairman, president and chief executive officer, calls Marcum “a highly-experienced retail turnaround executive.” He adds, “I believe he will be a great partner to me and the rest of the management team as we focus on ways to improve our business."
Circuit City continues to explore selling the company, according to the Richmond-Times Dispatch. The report interprets Schoonover’s comments as an indication the company is still on the market, saying Blockbuster was just one of many suitors.
"Today's announcement shows that the management team remains fully committed to delivering value to shareholders in the near term through the successful execution of our turnaround plan," Schoonover adds.
"Meanwhile, the board continues to pursue strategic alternatives for the company that offer the best possible results for our shareholders in the long term."
Marcum was formerly chief financial officer of Hollywood Entertainment.
Circuit City's Difficult 2008
 | Circuit City to Liquidate Remaining U.S. Stores Four liquidators to sell merchandise in remaining 567 U.S. stores. More than 35,000 jobs will reportedly be lost. Circuit City Receives Approval from Bankruptcy Court Circuit City has received approval for its $1.1 billion debtor-in-possession (DIP) revolving credit facility a day after voluntarily filing for Chapter 11 bankruptcy. Circuit City Files for Chapter 11 Bankruptcy Company says filing will allow it to continue business as usual, paying salaries and benefits and honoring returns and gift cards. Report: Circuit City to Close 155 Stores Big-box retailer is exiting several markets and has hired a team of liquidators to clear out the affected stores Circuit City Reports Non-Compliance With NYSE NYSE to assign ".BC" indicator to Circuit City's symbol to indicate it's below continued listing standards. Is this Finally It For Circuit City? How you can take advantage of the possible failure of the big-box retailer. Circuit City CEO Philip Schoonover Resigns The embattled CE retailer says Schoonover's resignation is effective immediately. He will be replaced by James Marcum. Circuit City Appoints 'Turnaround Executive,' Hints at Sale Company says new vice chairman James A. Marcum is highly experienced at turning retailers around. |
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Article Topics
News · Big-Box Retailers · People and Places · Big-box Retailers · People And Places ·About the Author
Tom LeBlanc, Senior Writer/Technology Editor, CE Pro
Tom has been covering consumer electronics for six years. Before that, he wrote for the sports department of the Boston Herald. Migrating to magazines, he was a staff editor for a golf publication and an outdoor sports publication. Now, as senior writer/technology editor of CE Pro magazine since 2003, he dabbles in all departments and offers expertise in marketing. Follow him on Twitter @leblanctom.
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