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WEDNESDAY JULY 02
No One Goes to Either Store Anyway... What happens when two struggling players in the board game classic Monopoly try and team up and take down the big brother who has been dominating throughout? They often still lose. While it’s hard to say such a deal would have revived once strong franchises Blockbuster and Circuit City, now the argument is all but moot. July 2008Blockbuster Inc on Tuesday abandoned its offer to buy electronics retailer Circuit City Stores Inc, after weeks of investor speculation that the deal was falling apart. Shares of the video rental chain jumped more than 7 per cent in extended trade after the news. Circuit City’s shares fell 1.6 per cent, after declining nearly 12 per cent at Tuesday’s close -- hitting their lowest point in two decades. EDITOR’S CHOICE Circuit City records $164m quarterly loss - Jun-19 US electronics retailers become fashion victims - May-12 Video: Jonathan Birchall on Circuit City - Jun-19 Circuit City opens books to Blockbuster - May-09 Best Buy results better than expected - Jun-17 Video: Jonathan Birchall on Circuit City and Blockbuster - May-09 Blockbuster’s Chief Executive Jim Keyes cited ”market conditions” as a reason for withdrawing the offer, valued at up to $1.3bn, and said the deal was not in the best interests of its shareholders.
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