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Mexican Tycoon Sets Eyes On Circuit City
November 19, 2008
- Retail
By Reuters
Mexican retail and media tycoon Ricardo Salinas Pliego owns 28 percent of Circuit City and could buy more of the troubled U.S. electronics chain, a Salinas spokesman said on Tuesday.
"Up to date, Mr. Salinas has purchased just under 28 percent (of Circuit City)," Luis Nino de Rivera, a spokesman for Salinas' business group, told Reuters.
Asked whether Salinas could buy more Circuit City stock he said: "It is possible, of course."
Nino de Rivera said the acquisition was a personal investment by Salinas and the tycoon, who owns the TV Azteca broadcaster and retailer Elektra, was evaluating what to do with the Circuit City stake.
Circuit City filed for Chapter 11 bankruptcy protection last week, falling victim to tighter credit terms from vendors and decreased consumer spending. It hopes to emerge from bankruptcy in the first half of 2009.
Salinas acquired the stock in the open market before and after Circuit City went bankrupt and he has had no direct talks with the U.S. chain's management, Nino de Rivera said.
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