Billionaire Buys Circuit City Stake
Richmond, Va. A Mexican billionaire who controls a chain of electronics stores in Latin America has bought a 13% stake in Circuit City Stores Inc.
Circuit City Stores filed for Chapter 11 bankruptcy protection last week.
Ricardo Salinas Pliego, who is on Forbes magazine's list of the world's richest people, owned more than 22 million shares of Circuit City as of Nov. 12, according to documents filed with the Securities and Exchange Commission late Friday.
He bought 5.3 million shares of Circuit City at an average price of 22? apiece, two days after the company filed for bankruptcy protection, according to the documents.
The transaction raised Salinas' stake to 22.1 million shares, making him the company's largest shareholder based on outstanding share figures listed on Circuit City court documents.