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Article: CarMax gearing up: Circuit City plans unusual stock split to raise funds.(Business)
- Article from:
- The Washington Times (Washington, DC)
- Article date:
- November 2, 1996
- Author:
CopyrightCOPYRIGHT 1996 News World Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Circuit City yesterday revealed plans to help fund an ambitious expansion of its CarMax subsidiary through the creation of a separate stock for the used-car superstore chain.
According to a statement filed with the Securities and Exchange Commission, the board of the Richmond-based electronics retailer wants to split the company's stock in two: one for 15 to 20 percent of CarMax's equity and one for the rest of Circuit City's operations.
CarMax, set to open its sixth location Wednesday, operates used-car superstores featuring no-haggle pricing and computerized inventory lists. Circuit City plans to have at least 80 more locations open by 2001.
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Article: Circuit City Plans 40 New Stores in New ...
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