Circuit City: InterTan Review Still Ongoing
Richmond, Va. Circuit City Stores Inc.'s review of strategic options for its Canadian operations, including a possible sale, is ongoing, according to the Dow Jones. The report said a company spokesman gave no further update on the prospects for a sale of InterTan or on the broader strategic review underway since May.
The news comes in response to questions about an announcement earlier this week that TD Retail Card Services had acquired the private-label credit-card program of InterTan.
InterTan operates some 775 stores in Canada under the banner The Source By Circuit City, generating about $600 million in 2007 sales, or about 5% of company revenues.
Earlier this month the company reported its second-quarter profit grew 8%, while revenue grew 14% to $152.7 million.