Investor Mark. J. Wattles of Wattles Capital Management has filed plans with the SEC to nominate a slate of five directors to the board of struggling electronics retailer Circuit City (NYSE: CC).
The nominees include Elliott Wahle, Don R. Kornstein, James A. Marcum, Anthony Bergamo, and Alexander M. Bond and, reading the materials submitted by Wattles, these men appear to posses strong retail and operational backgrounds.
In a 13-D filed on January 9, Wattles disclosed a 6.5% stake in the company. Wattles is the founder of Hollywood Entertainment, which pulled off quite a coup when it sold itself to Movie Gallery for $1.2 billion in 2005. The combined company is now in bankruptcy.
According (subscription required) to the Wall Street Journal, "In a telephone interview, Mr. Wattles said he nominated the slate after being rebuffed in recent attempts to meet with Circuit City executives, whom he criticized for worsening the company's financial picture."
It's hard to understand why Circuit City wasn't interested in meeting with Mr. Wattles -- who has a track record much more impressive than Circuit City's. Wattles also owns Ultimate Electronics, but told the Journal that he isn't interested in combining the two companies.
Wattles nominates five to Circuit City board
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