Goldman Sachs Moves Hints At Circuit City (CC) Sale

According to reports from the New York Post, Goldman Sachs' announcement earlier in the month that it removed its rating from Circuit City (NYSE: CC) is stoking speculation the company may be trying to sell itself.

Circuit City spokesman Bill Cimino said the company is continuing its effort to sell its InterTan unit, and hired Goldman a year ago to help with the process. Cimino said the withdrawal of Goldman's rating was related to InterTan. Cimino also said Goldman is advising on a potential proxy battle with activist shareholder Mark Wattles. Wattles is looking for board seats and the ouster of CEO Phil Schoonover, but also said he may seek a buyout of the company.

Circuit City said Wattles hasn't approached the company about a buyout, but wouldn't say if others have.

Link to NY Post Article

[LJ]

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