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Circuit City Execs: Downgrade Shouldn't Affect Businesses(InvesTrend Via Acquire Media NewsEdge) October 9, 2008 (FinancialWire) -- Circuit City Stores (NYSE: CC) (Current Market Cap: US$68.93 Bil.) said that it has a good relationship with vendors and that it shouldn't be affected by a downgrade from a retail credit-rating service. Bernard Sands LLC pulled its recommendation for vendors to sell to Circuit City after the Henrico County-based consumer electronics retailer last week reported $239 million in losses for the fiscal second quarter. Circuit City reported $92.5 million in cash or cash equivalents, down from $424.4 million at the same time last year. The recommendation was pulled because of concerns that the retailer might not be able to pay vendors. A Circuit City spokesman sad the company had not had a problem securing product for the holidays. Shares of Circuit City closed at 41 cents, down 9 cents Wednesday. FinancialWire is a fully independent, proprietary news wire service of Investrend Information (a division of Investrend Communications, Inc.). to pure journalistic standards. FinancialWire does not receive or accept any compensation from any individual or subject company (or representative thereof) for its news or opinions. All FinancialWire news is available at http://www.financialwire.net . Please address any inquiries to [email protected] . Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 . (Distributed for Investrend Communications, Inc. via M2 Communications Ltd (www.m2.com)) Copyright ? 2008 M2 Communications Ltd. |