Blockbuster Quits Circuit City Pursuit

 03.07.2008 04:33   ecommercetimes.com

Blockbuster said Tuesday it is withdrawing its proposal to buy Circuit City Stores, the big-box electronics retailer whose sales have tumbled this year. Chief executive James Keyes said in a written statement that the proposed deal, at a price of more than $1 billion, didn't make sense because of market conditions. Blockbuster shares jumped nearly 12 percent on the news, while Circuit City shares continued their fall.

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