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Pulling the Plug at Circuit City
Circuit City, the floundering electronics retailer, pushed out chairman and chief executive Philip Schoonover tonight.
In a press release, the new chairman, Alan King, said the move was made to accelerate the company's turnaround.
At the same time, the company said it expects its second-quarter loss to be less than the $170 million to $185 million it had previously forecast. That figure excludes unusual and noncash charges.
Circuit City is scheduled to release results for that quarter, which ended August 31, next Monday.
by Mark Stein
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