Yikes: Blockbuster Dumps Plan To Buy Circuit City

Blockbuster has finished snooping around Circuit City’s medicine cabinet and the verdict is in: Blockbuster has changed its mind.

Here’s their official statement:

“Based on market conditions and the completion of our initial due diligence process, we have determined that it is not in the best interest of Blockbuster’s shareholders to proceed with an acquisition of Circuit City,” said Jim Keyes, Blockbuster Chairman and CEO. “We continue to believe in the strategic merits of a consumer retail proposition that would bring media content and electronic devices together under one brand. We will pursue this strategy through our Blockbuster stores as a way to diversify the business and better serve the entertainment retail segment.”

Whatever Circuit City’s got, Blockbuster doesn’t want to catch it.


Blockbuster Withdraws Proposal To Acquire Circuit City
[Blockbuster]
(Photo: Maulleigh )