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It was learnt that talks are underway between Circuit City and “two highly motivated and interested parties” in a bid to buy the company. Meanwhile Circuit City took approval, to sell off its business or total assets, from a bankruptcy court – the statement:

These interested parties are considering providing additional financing to allow the company to sustain operations and move forward with a subsequent restructuring through a stand-alone plan and/or purchasing the company or all or substantially all of the company’s assets. 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. While the company is optimistic that a transaction can be successfully finalized, no assurance can be given that this will occur.

Subsequently, it is also learnt that if Circuit City doesn’t go through with the sell, it could liquidate. On the other hand, Best Buy is stating that it continues to take market share. Narrowing its financial outlook the company stated that its holiday revenue was as per revised expectations. At CES 2009 Best Buy stated that revenue was up by 4 percent, coming up to expectations.