Shareholders call for board to be fired

A shareholder group has proposed the ouster of the entire corporate board at Circuit City Stores Inc., the electronics retailer that has struggled to maintain market share.Wattles Capital Management on Friday proposed a clean sweep at North America’s No. 2 consumer-electronics retailer just days after the group nominated five members for Circuit City’s 12-member board.

Investor Mark Wattles, the group’s principal and founder of the Hollywood Entertainment video-rental chain, has criticized Circuit City’s restructuring and turnaround attempts.

Wattles, which holds a 6.5 per cent stake in the company, also proposed the repeal of any bylaw amendments or new bylaws from the board without shareholder approval. (link)

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