Blockbuster Comes To Its Senses, Backs Away From Circuit City Deal

Blockbuster has apparently woken up from whatever drunken stupor it got itself into and has a major case of the coyote uglies, as they've just released a statement saying they no longer intend to buy-out retail chain Circuit City.

In a quote that can only be filed under the "no-shit-Sherlock" pile, Jim Keyes, Blockbuster's CEO and chairman, said:

Based on market conditions and the completion of our initial due diligence process, we have determined that it is not in the best interest of Blockbuster's shareholders to proceed with an acquisition of Circuit City

We could have all told you that months ago, Mr. Chairman.

Blockbuster Withdraws Proposal to Acquire Circuit City [Blockbuster]
[via: Gearlog]