Circuit City Stores is talking with two "highly motivated and interested parties" about providing additional financing to keep the struggling retailer afloat, or to purchase the company's assets, according to the retailer.
On Friday, Reuters reported Mexican tycoon Ricardo Salinas Pliego is analyzing the business of the troubled electronics chain, in which he holds a 28 percent stake, citing a spokesman for Salinas.
Salinas, owner of a retail and media empire in Mexico and other Latin American countries, became the biggest holder of Circuit City late in 2008, when the company filed for Chapter 11 bankruptcy protection, Reuters said.
Circuit City filed a motion on Jan. 5 in United States Bankruptcy Court seeking approval to put the company up for sale.
"The parties have substantially completed due diligence and now are in negotiations with the company and the company's major stakeholders to finalize such a transaction," Circuit City wrote on its Web site. "While the company is optimistic that a transaction can be successfully finalized, no assurance can be given that this will occur."
Circuit City filed for Chapter 11 bankruptcy protection in November 2008. In November and December 2008, Circuit City closed 155 stores and completed liquidation sales and retained a firm to negotiate the reduction of rent on leased properties and to sell owned properties.
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