FINANCE

Circuit City Asks to Meet With Investor

BY CSA STAFF

New York City Circuit City Stores Inc. on Friday said it would contact an activist investor who is seeking the ouster of the company’s CEO to schedule a meeting.

On Wednesday, Wattles Capital Management, led by Mark J. Wattles, which owns a 6.5% stake in the company, said turnaround efforts under CEO Philip Schoonover were not working and he should be replaced.

Wattles has also called for Circuit City’s board to be replaced.

In a letter to Wattles on Friday, Mikael Salovaara, lead director of Circuit City, said he would contact Wattles to set up a time to meet. The letter said Wattles “may not have a full understanding of the company’s current strategy and challenges,” and adds a face-to-face meeting could produce a more productive dialogue between the company and the investor group.

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Charming Shoppes: Directors should be re-elected

BY CSA STAFF

BENSALEM, Pa. Charming Shoppes announced that it has mailed proxy materials to its shareholders calling for the re-election of its chairman, president and ceo, Dorrit Bern, Alan Rosskamm and Jeannine Strandjord.

Charming Shoppes’ annual meeting of shareholders will take place on Thursday, May 8.

 

Charming Shoppes also urged shareholders to reject the three individuals nominated by a dissident shareholder group led by the Crescendo Partners and Myca Partners hedge funds in opposition to Charming Shoppes’ incumbent directors.

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Rite Aid March comps up 2.6%

BY CSA STAFF

CAMP HILL, Pa. Rite Aid reported that total drug store sales for the four weeks ended March 29 increased 50.7% to $2.04 billion as compared to $1.3 billion for the same period last year. Prescription revenue accounted for 67.6% of drug store sales, and third party prescription revenue represented 96.2% of pharmacy sales.

Same-store sales for the month of March increased 2.6 % over the prior-year period. Pharmacy same-store sales increased 1%, which included an approximate 493 basis points negative impact from new generic introductions. Front-end same-store sales were up 5.7%. March same-store sales were positively affected by a shift to a March Easter this year from an April Easter last year, the company reported.

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