Circuit City Ups Borrowing7 Feb, 2008 By: Erik Gruenwedel
No. 2 consumer electronics retailer Circuit City Stores Inc. received a vote of confidence from lenders who agreed to up the chain's line of credit from $500 million to $1.3 billion through Jan. 31, 2013. The previous credit agreement was set to expire June 27, 2009. The Richmond, Va.-based company's sales have struggled over the past year, including a 9% drop in December. Chief executive Phil Schoonover told Reuters last week he was not looking to sell the company.