CEO Philip Schoonover

Nothing really surprising about the news yesterday that Circuit City CC (NYSE) CEO, Philip Schoonover was finally out.  The troubled electronics retailer and its CEO have been under intense pressure for sometime now.  Many analysts and others (see earlier blog) have been predicting his demise for more than a year.  Schoonover resigned yesterday in the midst of a proxy fight.  His resignation appears to be a victory by activist investor Mark Wattles (owns nearly 6.5% of the firm) who has been...Read Full Story

Circuit City CC (NYSE) the troubled electronics retailer has come under increased pressure again for a change at the top. Activist retail investor, Mark J. Wattles of Wattles Capital Management has said he's seeking to replace Circuit City's CEO Phil Schoonover. Wattles owns over 6% of the company's stock. According to a Bloomberg story in the Houston Chronicle Wattles,...sent an e-mail requesting a meeting with Schoonover to discuss strategy at the retailer. He said he was rebuffed and...Read Full Story

Circuit City, the embattled electronics retailer, (check my earlier blogs) continues to face pressures from numerous sides. Chris Wattles of Wattles Capital Management, a major shareholder in the firm (approximately 6.5% of shares) has remained a thorn in Schoonover's side for some time.  Today he made a new call for the CEO's head as well as a number of other changes.  In a letter to Circuit City's board of directors Wattles stated,We are confident that, with the right senior management team...Read Full Story

As Circuit City CC (NYSE) continues to resist Blockbuster's BBI (NYSE) efforts to merge, the electronics retailer also continues to resist attempts by Wattles Capital Management to change a portion of the board.  To complicate the already difficult situation, a new fly has appeared in the ointment.  While Wattles Capital Management owns just over 6% of Circuit City stock and has continued to put increasing pressure on the firm's management, HPK Investments, who owns just over 9% of the stock...Read Full Story

Blockbuster (BBI) offers almost a 100% premium to your current price and then complains your disclosure is inadequate, why would any other suitor step forward? Circuit City (CC) announced:Director James A. Marcum, 49, has been appointed vice chairman of the company. In this executive officer position, Marcum will play a key role in leading the efforts to accelerate the pace of the company's turnaround."The board and I selected Jim for this role because he is a highly-experienced retail...Read Full Story