MEXICO CITY (Reuters) - Mexican retail and media tycoon Ricardo Salinas Pliego owns 28 percent of Circuit City and could buy more of the troubled U.S. electronics chain, a Salinas spokesman said on Tuesday.
For those in our audience who don’t remember, Circuit City was once a large and thriving chain of electronics stores. It filed for bankruptcy and liquidated in 2009, then returned as an online-only brand just a few months later.
By Bargain Bin:With shares of troubled retailer J.C. Penney (JCP) falling to a 30-year low, comparisons to consumer electronics retailer Best Buy (BBY) seem to be bountiful. Best Buy, after falling to $11.20 per share last December, has nearly quadrupled since then as a turnaround effort is taking shape.
At first this looks like just one of those things. Apple makes the iPhone, this we all know, but in Mexico, as in Brazil, another company has a very similar trademark. Usually something can be worked out in such cases. It's not exactly unusual that a would be global trademark finds there are other local uses for it: Microsoft dropped "Metro" as a description of the tiles in Windows 8 after pushback from the German retail chain, "Metro" for example. Apple's already lost hope for exclusive rights to the name "iPhone" in Brazil, and now it's been defeated in another battle south of the border.