Block-Bust

Blockbuster withdraws plan to acquire Circuit City
Blockbuster Inc. said Tuesday it is withdrawing its proposal to buy Circuit City Stores Inc.  Chief Executive James Keyes said in a written statement that the proposed deal, at a price of more than $1 billion, didn’t make sense because they don’t have a billion dollars. 
“Let’s face it, when was the last time you walked into a Blockbuster?” Keyes asked.  “We were thinking of paying in stale popcorn and old Twizlers, but for some reason that didn’t fly.”
Circuit City Chief Executive Philip J. Schoonover said his board was still exploring strategies to help shareholders.  The …read more