SHORT WAVES.(Circuit City Stores Inc)(Circuit City Stores Inc)( Frigidaire Co)
HFN: The Weekly Newspaper for the Home Furnishing Network, February, 2004
CIRCUIT CITY'S SALE of its credit business to Bank One for $1.8 billion in cash "is a smart and expected move," said CIBC World Markets equity analyst Dan Wewer. He said the deal allows Circuit City to continue offering "the same or expanded assortment of credit products and promotions to its customers" while also bolstering its cash position. After the deal closes, Circuit City could end up with about $355 million in cash proceeds. On the balance sheet, Wewer said he estimates that the retailer could close February with more than $900 million in cash. Still, Wewer kept his rating on the stock unchanged at "Sector Underperformer," since the retailer has "lost substantial market [share] over the past few years and a turnaround will be a multiyear process." Shows how...
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