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Article: Cashing In on CarMax; Circuit City to Sell 10% of Its Stake to Get Money for Remodeling
- Article from:
- The Washington Post
- Article date:
- June 7, 2001
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Electronics retailer Circuit City Group said yesterday that sales
continue to be weak, and it announced it will sell more of its stake
in the auto retailer CarMax Group to help raise money to remodel
Circuit City stores.
Richmond-based Circuit City, the nation's second-largest seller of
consumer electronics, after Best Buy, said total sales fell 23
percent in the three months ended May 31, dropping from $2.45 billion
in last year's first quarter to $1.88 billion. In stores that have
been open for at least a year, the drop was 25 percent.
Circuit City Stores Inc. said yesterday it plans to sell about 7.5
million of the estimated 75 million shares in CarMax stock held by
Circuit City Group. ...