Richmond, Va. – Circuit City will proceed with plans to terminate most of its remaining employees this month, and will cut the number of board directors from 11 to five as part of the company’s wind-down process.
Among those departing are three Circuit City officers: John Harlow, executive VP/chief operating officer; Reginald Hedgebeth, senior VP/general counsel and secretary; and Eric Jonas, Jr., senior VP human resources. The executives’ employment at Circuit City will end this Saturday, March 21, according to a filing with the Securities and Exchange Commission.
James Marcum, vice chairman and acting president/CEO, will stay on for an indeterminate period, along with VP/controller Michelle Mosier, to manage the liquidation of assets owned by Circuit City and its subsidiaries.
All employees had been notified on Jan. 16 of the pending terminations, with target dates of between March 21 and April 4.
In addition, the company has discharged seven directors including Carolyn Byrd, James Hardymon, Lyle Heidemann, J. Patrick Spainhour, Ronald Turner, Elliott Wahle and Carolyn Woo. Each resigned effective March 11, and all were in agreement on the company’s actions, the filing indicated.
Wahle was one of three directors added to the board last June to avoid a proxy fight with activist investor Mark Wattles. His other hand-picked directors, Marcum and Don Kornstein, will remain on the five-seat board.
Separately, Circuit City reported net sales of $682.7 million for the full month of January and net earnings of $382.5 million.
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