Richmond, Va. - Two months after filing for Chapter 11 bankruptcy protection, consumer electronics retailer Circuit City Stores revealed that it is in "significant" talks with two "highly motivated and interested parties."

The company said that the unnamed parties potentially could provide it with the necessary funding that would allow it to maintain operations and move ahead with a restructuring plan.

"The parties have substantially completed due diligence and now are in negotiations with the company and the company's major stakeholders in order to finalize such a transaction,' Circuit City said.

As of Aug. 31, the company -- which in November announced plans to close 155 stores -- had $3.4 billion in assets and $2.3 billion in liabilities.

Related Links:
http://newsroom.circuitcity.com/releasedetail.cfm?ReleaseID=358471