Director James A. Marcum, 49, has been appointed vice chairman of the company. In this executive officer position, Marcum will play a key role in leading the efforts to accelerate the pace of the company's turnaround.
"The board and I selected Jim for this role because he is a highly-experienced retail turnaround executive," said Philip J. Schoonover, Circuit City's chairman, president and chief executive officer. "I believe he will be a great partner to me and the rest of the management team as we focus on ways to improve our business. Today's announcement shows that the management team remains fully committed to delivering value to shareholders in the near term through the successful execution of our turnaround plan. Meanwhile, the board continues to pursue strategic alternatives for the company that offer the best possible results for our shareholders in the long term."
Why would any other buyer come forward? What will most likely happen is whomever may want it will wait until it files bankruptcy and then pick it up on the cheap.
Let's not forget that this is the third offer in 5 years the company has scuttled. Any one of those offers would have shareholders far better off than they are today. Circuit City is just not a valuable enough asset for a potential buyer to go through the obvious hassle that would be involved in making an offer.
Now, things do get interesting if the new vice chairman is eventually placed in charge of the company, replacing current CEO Schoonover. But, until something like this happens, just sit back and watch it fall apart...
Disclosure ("none" means no position): None.