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RICHMOND, Va. - Regulatory filings indicate a proxy battle between an activist shareholder and electronics retailer Circuit City is imminent.
| CC | 2.2 |  -0.28 |
Wattles Capital Management filed a preliminary proxy statement with the Security and Exchange Commission on Monday asking shareholders to elect four new directors for Circuit City's board and oust the others.
Mark J. Wattles has criticized the company's turnaround efforts, placing blame on Chief Executive Philip Schoonover and asking for him to be replaced. Wattles Capital owns a 6.5 percent stake in the nation's second-largest electronics retailer.
In a preliminary proxy statement last Thursday, Richmond, Virginia-based Circuit City Stores Inc. urged shareholders to reject Wattles' proposals, saying it is not in the company's best interest.
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