Circuit City still in talks over potential sale
ATLANTA (Reuters) - Circuit City Stores CCTYQ.PK concluded the first day of an auction and said it was still in talks with bidders regarding a potential sale of the company or certain assets.
Lawyer Ian Fredericks of Skadden Arps Slate Meagher & Flom LLP. which represents Circuit City, made the announcement on a conference call to discuss the proceedings.
Circuit City filed for Chapter 11 protection in November, citing a deteriorating cash position and tighter terms from vendors. It has liquidated and closed 155 stores, about one-fifth of its U.S. store base.
Last week, the retailer received bankruptcy court approval to proceed with an auction, with liquidation possible if no sales occurs. Also then, Circuit City said it was in talks with two undisclosed parties that could either buy the company or provide additional financing.
(Reporting by Karen Jacobs; Editing by Gary Hill)
Our day's top images, in-depth photo essays and offbeat slices of life. See the best of Reuters photography. See more
WASHINGTON - A bipartisan budget deal announced in the U.S. Congress on Tuesday, though modest in its spending cuts, would end three years of impasse and fiscal instability in Washington that culminated in October with a partial government shutdown.
WASHINGTON - U.S. small business sentiment bounced back from a seven-month low in November, with owners setting their sights on creating more jobs and expanding operations.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.