Circuit City committed to turnaround, aims for successful holiday season

By Lisa Kerner

Charlotte, N.C., Sept. 29 - Circuit City Stores, Inc. said it is focused on improving its performance in order to operate as a standalone business.

The Richmond, Va., electronics retailer announced in May it was exploring strategic alternatives.

According to Circuit City, its management and board of directors are focused on accelerating the company's turnaround.

James A. Marcum, vice chairman and acting president and chief executive officer, said Circuit City is "committed to making the difficult decisions that may be necessary to accelerate our turnaround, improve both our operational and financial performance and deliver shareholder value."

Jeffrey S. Stone, executive vice president, will now be responsible for Circuit City's retail operations, a company news release said.

Circuit City, in an effort to "get back to basics," plans to undertake several initiatives to ensure a successful holiday season, including:

• Improve in-stock position on key items and advertised products;

• Upgrade in-store signage and visual merchandising;

• Finalize the chain-wide rollout of "Simple to Shop" in home entertainment; and

• Launch a new marketing brand campaign.

In July, Blockbuster Inc. withdrew its proposal to acquire Circuit City, it was previously reported.

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