Investor Seeks Circuit City Board Seats

Richmond, Va. A shareholder group for Circuit City Stores said Tuesday it plans to nominate five candidates to the retailer’s 12-member board.

Circuit City said Wattles Capital Management LLC plans to nominate the slate for seats on the board of directors at its annual shareholders' meeting June 24. The proxy filing was disclosed after the close of regular trading Monday.

Circuit City said in a statement that it plans to consider the nominations.

Investor Mark J. Wattles, the Colorado group's principal and founder of the Hollywood Entertainment video-rental chain, has criticized Circuit City's restructuring and turnaround attempts.

Wattles Capital Management holds a 6.5% stake in Circuit City.