Billionaire raises Circuit City stake
Associated Press
Mexican billionaire Ricardo Salinas Pliego has gained a 28% stake in Circuit City Stores Inc., which is under Bankruptcy Court protection.
Salinas, who controls a chain of Latin American electronics stores and Mexico’s No. 2 broadcaster, TV Azteca, owned 47.2 million shares of Circuit City as of Nov. 14, according to documents filed Monday with the Securities and Exchange Commission.
He bought 30.3 million shares of the nation’s second-largest consumer electronics retailer at prices ranging from 22 cents to 26 cents days after the Richmond, Va., company’s Nov. 11 bankruptcy filing.
