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Circuit City says not looking to sell company

RICHMOND, Va., Feb 6 (Reuters) - Retailer Circuit City Stores Inc. CC.N is not looking to sell itself and is instead focusing on lowering its cost structure and growing its business, its chief executive said on Wednesday.

“We have a solid plan, we have the capital to continue this multi-quarter turnaround, and management feels that at today’s stock prices it would not be in the best interest of the shareholder to sell the company,” Circuit City Chairman and Chief Executive Phil Schoonover said in an interview at company headquarters.

Schoonover also said he expects slower growth in the retail industry this year, particularly in regard to new store openings.

Reporting by Karen Jacobs, editing by Phil Berlowitz

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