Circuit City Asks to Meet With Investor
New York City Circuit City Stores Inc. on Friday said it would contact an activist investor who is seeking the ouster of the company's CEO to schedule a meeting.
On Wednesday, Wattles Capital Management, led by Mark J. Wattles, which owns a 6.5% stake in the company, said turnaround efforts under CEO Philip Schoonover were not working and he should be replaced.
Wattles has also called for Circuit City's board to be replaced.
In a letter to Wattles on Friday, Mikael Salovaara, lead director of Circuit City, said he would contact Wattles to set up a time to meet. The letter said Wattles "may not have a full understanding of the company's current strategy and challenges," and adds a face-to-face meeting could produce a more productive dialogue between the company and the investor group.