Early Briefing: Circuit City's Falling Sales


(By Steven Senne -- Associated Press)

* Our fondness for everything flat screen was apparently not enough to make a happy Christmas for electronics retailer Circuit City, which reported that same-store sales fell 11.4 percent in December. Based on those results the Richmond company said it still project modest losses before taxes for the fourth quarter. Business hasn't exactly been booming since the company laid off 3,400 of its highest paid salespeople and other workers and replaced them with lower-paid new hires. See wire report.

* A Baltimore circuit court dismissed shareholder claims against officers and directors at Telos of Ashburn. In 2005 the hedge fund Costa Brava filed suit against the defense contractor, claiming it was owed at least $79 million in accrued and unpaid dividends on their preferred stock. The case was filed in Balitmore because Telos is incorporated in Maryland. See press release.

* NII Holdings of Reston, which operates Latin American wireless networks, named Steven P. Dussek chief executive, replacing Steven Shindler. See press release.

* XM Satellite Radio will no longer broadcast the Starbucks XM Cafe channel after ending a marketing agreement with the coffee chain. As part of the breakup, Starbucks has the right to sell 1.85 million XM shares, valued at about $22 million. See wire report.

By Dan Beyers  |  January 8, 2008; 7:40 AM ET
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