Circuit City Stores, Inc. announced that it is currently in discussions with two interested parties that may either buy the company or provide the funding necessary to keep the electronics retailer in business. “While the company is optimistic that a transaction can be successfully finalized, no assurance can be given that this will occur,” the company said in a statement.
Circuit City also stated that sales trends have improved significantly during the last two weeks of December, although overall revenues have been below projections. But the company did say that it has been able to manage expenses and improve gross margin. Circuit City, which had $3.4 billion in assets and $2.32 billion in liabilities as of Aug. 31, said in its initial filings that it planned to emerge from court protection in the first half of 2009.
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