New York City A major shareholder of Circuit City Stores Inc. has sold nearly its entire stake in the electronics retailer, according to a Securities and Exchange Commission filing Thursday.
The TCW Group Inc., which was formerly the company's largest institutional investor, slashed its holdings to 310,045 shares, which represents a 0.2% stake in the Richmond, Va.-based company. In August, TCW reported owning 18.3 million Circuit City shares, or a 10.9% stake.
The Los Angeles-based investment manager disclosed the stake in a Schedule 13G filing, which indicates the investment is passive, and the shares were not acquired to change or influence control of the company.
On Monday, Circuit City reported that same-store sales dropped 11.4% in December, on weak sales of tube televisions, camcorders and other devices early in the month. The company's stock has plunged from a 52-week high of $22.02 last February to a low of $3.61 last week.