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.
Torng named chief marketer at Movie Gallery
WILSONVILLE, Ore. Movie Gallery announced that Cliff Torng has been appointed evp and chief marketing officer of the company. He will be responsible for all aspects of Movie Gallery’s corporate marketing operations, including brand marketing, customer intelligence and communications.
Torng has more than twenty years of experience in marketing and advertising, specializing in global retail branding and marketing. He most recently served as director of marketing for the Jordan brand at Nike.
Price Chopper partners with EatingWell
SCHENECTADY, N.Y. Price Chopper Supermarkets has teamed up with EatingWell Media Group to give its consumers recipes that are both tasty and nutritious and inform them of the latest health news to help them make better eating decisions.
The program falls under Price Chopper’s Healthy U initiative, which provides current information on nutrition and diet.