After weeks of punishment, the stock of beleagured CE retailer Circuit City is up nearly 15%, on a day when market indexes are all down overall.
Today, Wattles Acquisition Corp. announced that they have a 6.5% stake in the company.
Is this the glimmerings of a PE buyout, something that for some time I've been suggesting might be a good idea?
More on this story as it develops.
*UPDATE*: Rumors are flying that CEO Philip Schoonover is toast, but there's no official confirmation of that. Also, Circuit City's has climbed by 20% as of the time of this update.
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Today, Wattles Acquisition Corp. announced that they have a 6.5% stake in the company.
Is this the glimmerings of a PE buyout, something that for some time I've been suggesting might be a good idea?
More on this story as it develops.
*UPDATE*: Rumors are flying that CEO Philip Schoonover is toast, but there's no official confirmation of that. Also, Circuit City's has climbed by 20% as of the time of this update.
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