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DealBreaker (Free subscription) | 03/27/2008
Phil Schoonover was pretty sure it would be a bad idea to sell Circuit City. At least that's what he told Reuters back in February. Schoonover came over to Circuit City three years ago from rival Best Buy, to increasingly underwhelming investor enthusiasm. Of course, by the time Schoonover was talking to Reuters, Mark Wattles, head of Wattles Capital Management had disclosed...
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San Diego Union (Free subscription) | 05/10/2008
... Investor Mark Wattles, who owns 6.5 percent of the retailer, had sought to replace Chief Executive Phil Schoonover and gain five seats on the board, arguing that management's strategy isn't working. Wattles and Circuit City have agreed to include three of his nominees as part of a slate of directors to be elected at this year's annual meeting, the retailer said in a statement. Shares...
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The Washington Times (Free subscription) | 05/10/2008
Circuit City lost money in the past two years as Best Buy Co. and Wal-Mart Stores Inc. lured customers away. It has opened smaller stores and fired higher-paid employees to lower costs. Mr. Wattles, who owns 6.5 percent of the retailer, had sought to replace Chief Executive Officer Phil Schoonover and gain five seats on the board, arguing that management's strategy isn't working.
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迷客科技 (Free subscription) | 04/14/2008
... They've even gone so far as to publish an open letter from Blockbuster CEO Jim Keyes to Phil Schoonover, CEO of Circuit City. Really, is this how all corporate affairs will be conducted in the future guys? What really boggles the mind though is Blockbuster's quest for even more brick-and-mortar as digital downloads begin to take off. Hit the read link for the full contents of the...
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Seeking Alpha (Free subscription) | 04/04/2008
Markham Lee submits: Activist investors are turning up the heat on Phil Schoonover and company, noting that Circuit City's (CC) management is touting a $200 million cost initiative as a success even though it cost the company $500 million in gross profits. Complete Story ยป
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The Intuitive Life Business Blog (Free subscription) | 04/04/2008
A very interesting story is unfolding at troubled consumer electronics retailer Circuit City (NYSE: CC), where a shareholder group is publicly stating its desire to have Chairman and Chief Executive Officer Phil Schoonover oustered. As reported by the Wall Street Journal , the dissident shareholder group, Wattles Capital Management (led by Mark Wattles), has a 6.5% share in the corporation...
