(Adds shares owned, comment from filing)
ATLANTA Nov 20 Mexican retail and media mogul
Ricardo Salinas Pliego confirmed that he owns a stake in
Circuit City Stores Inc CCTYQ.PK on Thursday and indicated he
may seek control of the bankrupt electronics retailer.
In a U.S. Securities and Exchange Commission filing,
Salinas disclosed ownership of nearly 47.2 million Circuit City
common shares, or 28.1 percent. The shares were bought for
about $41.4 million.
The filing said Salinas, who owns Mexico's TV Azteca
TVAZTCACPO.MX broadcaster and retailer Elektra (ELEKTRA.MX),
bought the shares "with a view towards possibly seeking
influence over the management, business and operations" of
"However, no decision in this regard has yet been made,"
according to the filing.
The filing also said Salinas might acquire additional
shares and reserves the right to develop plans or proposals
regarding the retailer. It added that he may consider
participating in transactions that are part of the Chapter 11
A Circuit City spokesman declined to comment on the Salinas
Circuit City, the second-largest U.S. electronics chain,
filed for Chapter 11 bankruptcy protection last week, falling
victim to tighter credit terms from vendors and decreased
consumer spending. The retailer has said it hopes to emerge
from Chapter 11 in the first half of 2009.
(Reporting by Karen Jacobs, editing by Maureen Bavdek)