RICHMOND, Va. (AP) - A look at the history of consumer electronics retailer Circuit
City Stores Inc.:
1949: Samuel S. Wurtzel opens first Wards Company retail store
in Richmond, Va.
1959: Wards operates four television and home appliance stores
in Richmond with annual sales volume of about $1 million.
1960: Expands operations via licensed departments in mass
merchandising discount stores.
1961: Makes first public offering with Stein Brothers &
Boyce Co. of Baltimore. Offers 110,000 shares at $5.375 per share
(split adjusted, 2 cents per share).
1966: Sales reach $23 million for the fiscal year.
1968: Moves from the over-the-counter market to the American
Stock Exchange. Offers 1,700 shares at $19.75 per share (split
adjusted, 55 cents per share).
1969-1982: Company acquires numerous electronics retailers and
operates stores from New York to California.
1983: Sales reach $246 million for the fiscal year.
1984: Company name changes to Circuit City Stores Inc.; Stock
listed on the New York Stock Exchange.
1987: Sales reach the $1 billion mark for the fiscal year ending
Feb. 28, 1987.
1989: First personal computers hit Circuit City store
1990: Sales reach the $2 billion mark for the fiscal year ending
Feb. 28, 1990.
1993: Begins testing CarMax, a retail venture selling used
1996: CarMax announces plans for national expansion of the
1999: Circuit City launches Web site to offer online shopping;
annual sales for Circuit City store businesses exceed $10 billion
and annual sales for the CarMax superstores exceed $2 billion.
2000: Circuit City exits the appliance business.
2002: Circuit City completes the separation of CarMax.
2003: The company rejects takeover bid from Mexican financier
Carlos Slim Helu.
2004: Circuit City acquires Ontario-based InterTAN Inc., a
consumer electronics retailer of private-label and internationally
2005: Company rejects unsolicited $3.25 billion cash buyout
offer from Boston investment firm Highfields Capital Management
2006: Circuit City launches Firedog, a PC services and
2007: Circuit City announces plans to explore strategic
alternatives for InterTAN Inc.; lays off about 3,400 retail
employees and replaces them with lower-paid workers; launches new
store prototype "The City."
April 2008: Dallas-based movie-rental chain Blockbuster Inc.
makes public a more than $1 billion takeover bid for Circuit City
with dreams of creating a huge chain that would sell electronic
gadgets and rent movies and games.
May 2008: Circuit City's board of directors authorizes the
exploration of strategic alternatives to enhance shareholder value;
Opens books to Blockbuster.
June 2008: Circuit City reaches agreement with shareholder
Wattles Capital Management to nominate three directors, including
James A. Marcum to its board to defuse proxy battle.
July 2008: Blockbuster withdraws takeover bid, citing market
August 2008: Marcum named vice chairman.
Sept. 22, 2008: Philip J. Schoonover steps down as Circuit
City's chief executive, chairman and president; Marcum named as
interim president and chief executive.
Sept. 29, 2008: Circuit City withdraws its outlook for the full
year and posts a wider second-quarter loss as sales fell 10
percent; Shares fall more than 20 percent.
Nov. 3, 2008: Circuit City says it will close 155 stores in 55
U.S. markets by Dec. 31, laying off about 17 percent of its
domestic work force. Company says it will further reduce new store
openings and plans to work with landlords to renegotiate leases,
lower rent or terminate agreements while it deals with tightening
credit from its vendors.
Nov. 7, 2008: Circuit City lays off about 700 employees at its
Nov. 10, 2008: Circuit City files for Chapter 11 bankruptcy
Jan. 16, 2009: Circuit City announces plans to liquidate.
March 2, 2009: Circuit City announces sale of 750 The Source
electronics stores across Canada operated by Circuit City's
InterTAN subsidiary to telecommunications company Bell Canada.
March 8, 2009: Circuit City's remaining 567 U.S. stores