Wattles Capital owns 11 million shares of Circuit City

By Lisa Kerner

Charlotte, N.C., Jan. 22 - Circuit City Stores, Inc. investor Wattles Capital Management, LLC reported a 6.5% stake in the company.

The investor, owned and controlled by Mark Wattles, beneficially holds 11 million shares of the company's outstanding stock.

Prior to acquiring the shares, Wattles met with Circuit City management and had discussions with Circuit City shareholders, according to a schedule 13D filing with a Securities and Exchange Commission.

Wattles intends to continue monitoring Circuit City's "business affairs, financial position, future prospects and management" along with market and economic conditions.

Wattles Capital Management indirectly owns a majority interest in Ultimate Acquisition Partners, LP, which owns 32 consumer electronics retail stores operating under the name Ultimate Electronics. Mark Wattles is chief executive officer of Ultimate Acquisition.

Circuit City is a Richmond, Va.-based electronics retailer.

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