Mexico’s Salinas Ups Stake in Circuit City

In the past few days, Mexican billionaire Ricardo Salinas has been buying up shares in bankrupt electronics retailer Circuit City, accumulating a stake of around 28%. Filings with the Securities and Exchange Commission show that on November 12, Salinas purchased 5.3m shares at $0.22 each. The next day, the owner of Grupo Elektra and Grupo Salinas as well as television stations and cell phone companies, bought 18.8m shares at $0.24 each and on November 14, he purchased another 5.2m shares at $0.26 each. Circuit City closed at 20 cents Tuesday, down 2 cents on the day. The Richmond-based company has a market cap of $34m.