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CIRCUIT CITY STORES, INC. 1999 Annual Report

Table of contents

  • Page 1
    CIRCUIT CITY STORES, INC. 1999 Annual Report

  • Page 2
    ... to Circuit City and Circuit City-related opera- used-car superstore concept, CarMax is transforming auto retailing with a friendly offer that delivers low, "no-haggle" prices, a broad selection and high quality customer service. At the end of fiscal year 1999, CarMax operated 30 locations. tions...

  • Page 3
    ... We extended the tradition when we developed the Circuit City Superstore, providing low prices and knowledgeable sales assistance. Through CarMax and Divx, we are bringing new consumer benefits to the automotive and home video industries as well. By delivering superior customer ser vice - at Circuit...

  • Page 4
    ... loss attributed to the CarMax Group stock was $5.5 million, or 24 cents per share, compared with $7.8 million, or 35 cents per share, in fiscal 1998. CIRCUIT CITY REVIEW In fiscal 1999, the consumer electronics industry emerged from an extended period when the majority of sales were generated by...

  • Page 5
    ... high-service, product-knowledge-based sales strategy we have kept Circuit City poised to maximize this opportunity for our shareholders. D I G I TA L V I D E O E X P R E S S R E V I E W Four years ago, we began to explore a business opportunity that would offer exceptional benefits to home video...

  • Page 6
    ... throughout most of the year. All of our stores felt the impact of an intensely promotional new-car sales environment. Nonetheless, consumers continue to show strong enthusiasm for the CarMax concept. At the end of fiscal 1999, we operated the number one used-car retail location in the nation, and...

  • Page 7
    ... in-home entertainment, new and faster methods of information gathering and more convenient transaction processes. And, the best is yet to come. At Circuit City, we believe that our longstanding commitments to extensive, productknowledge-based training programs and industry-leading customer service...

  • Page 8
    ...year, although sales will be constrained by prices and a limited amount of programming. We commend DIRECTV for their plans to offer HDTV, including HBO, in the coming year. Sincerely, W. Alan McCollough President and Chief Operating Officer, Circuit City April 6, 1999 PRESIDENT'S LETTER - CARMAX...

  • Page 9
    ... Norcross, Ga., store is producing market-leading used-car sales and ranks as the top volume location among all Chrysler-Plymouth-Jeep Five Star dealers in the U.S. Both of our Chrysler franchises carry the Five Star rating, DaimlerChrysler Corporation's highest award for customer service excellence...

  • Page 10
    ... bring to the consumer, he began selling this exciting new product door-to-door and opened his first store, called Wards, in Richmond, Va. Abraham Hecht joined him as a partner. At the end of his first decade in business, Sam operated four Wards television and home appliance stores. Annual sales...

  • Page 11
    ... The stores featured knowledgeable sales assistance, top brand names in audio and video products, an instore service department and convenient product pick-up areas. the separate Circuit City and CarMax businesses. In an initial public offering, nearly 22 million shares of CarMax Group Common Stock...

  • Page 12
    ... uses our point-of-sale system to rapidly obtain check and credit card approvals. For customers who need credit for their purchase, the sales counselor can submit an on-line application to First North American National Bank, our finance operation. 10 CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT

  • Page 13
    ...top 100 markets, Circuit City is the only national retailer of consumer electronics, personal computers, major appliances and entertainment software. We combine exceptional sales assistance with competitive prices, a wide selection of products and a continuing commitment to bringing new technologies...

  • Page 14
    ... center provides cost-effective delivery for this low-margin, but traffic-driving, category. The POS system also is integrated into our Customer Service Information System. CSIS maintains a history of the customer's major Circuit City purchases so sales counselors and customers can match new...

  • Page 15
    Circuit City leads the industry in sales of exciting new technologies, including digital camcorders and direct broadcast satellite systems. We believe these products and other innovative technologies like HDTV and multi-functional set-top boxes can create exceptional industry growth throughout the ...

  • Page 16
    ..., which includes a two-day viewing period that is initiated at the customer's convenience. For the $4.49 price, consumers get high-quality digital picture and sound, plus a more convenient, ï¬,exible viewing time than offered by VHS or DVD rental or by pay-per-view. Consumers buy Divx discs whenever...

  • Page 17
    .... At year-end, Zenith, RCA, ProScan and Panasonic brand players were available in approximately 800 retail stores. In 1999, the selection of Divx-enhanced DVD players will continue to grow as JVC, Pioneer, Harman Kardon and Kenwood add the Divx feature to their product line-up. Our title selection...

  • Page 18
    ...the systems that support retailers carrying the product. In April 1998, we opened our Customer Satisfaction Center in Rocky Mount, N.C. This center, which has the capacity for more than 500 customer service Associates, assists Divx customers with the 16 CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT

  • Page 19
    Divx is an exciting new digital system for home video. For $4.49, consumers get the outstanding digital video and audio of DVD and a vastly more convenient rental option. The Divx price includes a two-day viewing period that begins not when the consumer leaves the store, but when he or she first ...

  • Page 20
    ..., which are either older or have higher mileage and generally range in price from $3,000 to $18,000. Each of our new-vehicle franchises offers the manufacturer's full selection of makes and models. The majority of our used cars are bought locally, 18 CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT

  • Page 21
    CarMax gives consumers the same lowprice, high-service offer available at Circuit City and at other contemporary retailers. The selection is large; prices are low, with no negotiating required; and the vehicle quality is exceptional.

  • Page 22
    ... vehicle at an economical price. Every used car also is backed by a five-day, 250-mile return guarantee and a limited warranty. CarMax's MaxCare® extended warranty programs provide comprehensive mechanical protection with ï¬,exible terms up to 72 months. All locations provide warranty service...

  • Page 23
    ...® Online - CarMax's virtual showroom. The sales consultant stays with the customer throughout the process from vehicle selection, through appraisal of an existing vehicle, financing and delivery of the new purchase. While Mom and Dad shop, children can have fun in our For Kids Only ® play area.

  • Page 24
    ...$ 542 $ 375 $ 110 $ 160 Cash dividends per share paid on Circuit City Group common stock ...Return on average stockholders' equity (%) ...Number of Associates at year-end ...Number of Circuit City retail units at year-end...Number of CarMax retail units at year-end... $ 0.14 7.9 $ 0.14 6.2 46...

  • Page 25
    ... of Circuit City's long history of providing exceptional customer service, management believes that the Circuit City locations can continue to maintain share in existing markets and build comparable shares in new markets. THE CIRCUIT CITY GROUP. CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT 23

  • Page 26
    ...turn objectives, then changes in average retail prices will have only a short-term impact on the Group's gross margin and thus profitability. Digital Video Express Digital Video Express has developed and is marketing a new digital video system for watching movies at home. Circuit City Stores, Inc...

  • Page 27
    ...general and administrative expense ratio. Cost of Sales, Buying and Warehousing City business, the Company's investment in Digital Video Express and the losses incurred by the CarMax Group. RECENT ACCOUNTING PRONOUNCEMENTS The gross profit margin was 22.6 percent of sales in fiscal 1999 compared...

  • Page 28
    ... earnings for the Circuit City business, partly offset by the investment in Digital Video Express and losses from the CarMax Group, produced a return on equity of 7.9 percent in fiscal 1999 compared with 6.2 percent in fiscal 1998. The returns are below the Company's long-term objective but re...

  • Page 29
    ... 28, 1999 or 1998. Because programs are in place to manage interest rate exposure relating to the consumer loan portfolios, the Company expects to experience relatively little impact as interest rates ï¬,uctuate in the future. The Company also has the ability to adjust fixed-APR revolving cards and...

  • Page 30
    ... for credit card and auto installment loan receivables; (h) changes in production or distribution costs or cost of materials for the Company's advertising; (i) availability of appropriate real estate locations for expansion; (j) the imposition of new restrictions or regulations regarding the sale of...

  • Page 31
    ... or lack of availability of new-car franchises within a suitable radius of existing and proposed CarMax stores or limited manufacturer approval of franchise acquisitions; (o) availability of long-term financing to support Divx; (p) the early stage of market development and absence of operating...

  • Page 32
    ...,152 100,406 22,604 98,027 99,204 22,001 97,311 98,472 21,860 Circuit City Group: Basic ...Diluted ...CarMax Group ...See accompanying notes to consolidated financial statements. $ $ $ 1.50 1.48 (0.24) $ $ $ 1.14 1.13 (0.35) $ $ $ 1.40 1.39 (0.01) 30 CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT

  • Page 33
    ...-term debt, excluding current installments [NOTES 5 AND 10] ...Deferred revenue and other liabilities ...Deferred income taxes [NOTE 6] ...T O TA L L I A B I L I T I E S ... STOCKHOLDERS' EQUITY [NOTES 1 AND 7]: Circuit City Group common stock, $0.50 par value; 175,000,000 shares authorized; 100...

  • Page 34
    ...issuance of short-term debt, net...Proceeds from issuance of long-term debt ...Principal payments on long-term debt ...Issuances of Circuit City Group common stock, net...Issuances of CarMax Group common stock, net ...Dividends paid on Circuit City Group common stock...NET CASH PROVIDED BY FINANCING...

  • Page 35
    ... by Company...Unearned compensation-restricted stock ...Cash dividends-Circuit City Group common stock ($0.14 per share)...B A L A N C E AT F E B R U A RY 2 8 , 1 9 9 9 ... $11,558 See accompanying notes to consolidated financial statements. CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT 33

  • Page 36
    ... along industry, product and geographic areas. (E) INVENTORY: Inventory is stated at the lower of cost or market. Cost is determined by the average cost method for the Circuit City Group's inventory and by specific identification for the CarMax Group's vehicle inventory. Parts and labor used to...

  • Page 37
    ...party extended warranty plans is recognized at the time of sale. The CarMax Group sells service contracts on behalf of unrelated third parties and, prior to July 1997, sold its own contracts at one location where third-party warranty sales were not permitted. Contracts usually have terms of coverage...

  • Page 38
    ... 1999 1998 Term loans ...$405,000 $405,000 Industrial Development Revenue Bonds due through 2006 at various prime-based rates of interest ranging from 5.0% to 7.0% ...6,564 7,665 12,728 12,928 Obligations under capital leases [NOTE 10] ...Note payable ...5,000 - Total long-term debt ...Less current...

  • Page 39
    ...tax liability...$47,425 $26,793 Based on the Company's historical and current pretax earnings, management believes the amount of gross deferred tax assets will be realized through future taxable income; therefore, no valuation allowance is necessary. CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT 37

  • Page 40
    ... years from the date (C) RESTRICTED STOCK: Under the Company's stock incentive plans, incentive and nonqualified stock options may be granted to management, key employees and outside directors to purchase shares of Circuit City Stock or CarMax Stock. The exercise price for incentive stock options...

  • Page 41
    ... interpretations in accounting for its stock option plans. Accordingly, no compensation cost has been recognized. Had compensation cost been determined based on the fair value at the grant date consistent with the methods of SFAS No. 123, the Circuit City Group's and the CarMax Group's net earnings...

  • Page 42
    ... have completed one year of service. The cost of the program is being funded currently. Plan benefits generally are based on years of service and average compensation. Plan assets consist primarily of equity securities and included 80,000 shares of Circuit City Stock at February 28, 1999 and 1998...

  • Page 43
    ... average discount rate...6.8% Rate of increase in compensation levels ...5.0% Expected rate of return on plan assets ...9.0% 10. LEASE COMMITMENTS 7.0% 5.0% 9.0% 7.5% 5.5% 9.0% Present value of net minimum capital lease payments [NOTE 5] ...$12,728 In fiscal 1999, the Company entered into sale...

  • Page 44
    ... cost and interest cost. The Company employs a risk-based pricing strategy that increases the stated APR for accounts that have a higher predicted risk of default. Accounts with a lower risk profile also may qualify for promotional financing. 42 CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT

  • Page 45
    .... The Company mitigates credit risk by dealing with highly rated counterparties. 14. COMMITMENTS AND CONTINGENT LIABILITIES (A) INVESTMENT IN DIVX: In May 1995, the Company agreed to invest $30.0 million in Divx, a partnership that has developed and is marketing a new home digital video system...

  • Page 46
    ... the used- and new-car retail locations bearing the CarMax name and to all related operations TA B L E 3 1999 (Amounts in thousands) such as its finance operation. Financial information for these segments for fiscal 1999, 1998 and 1997 is shown in Table 3. Circuit City Divx CarMax Elimination...

  • Page 47
    ... 28, 1999 and 1998 and the results of their operations and their cash ï¬,ows for each of the fiscal years in the three-year period ended February 28, 1999 in conformity with generally accepted accounting principles. Richmond, Virginia April 2, 1999 CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT 45

  • Page 48
    ... in part caused by an acceleration in industry growth, and the continued geographic expansion of the Group's Circuit City Superstores. In fiscal 1999, the Group opened 37 Superstores. The Group entered a number of one- and two-store markets; added stores to existing markets, including the New York...

  • Page 49
    .... SUPERSTORE SALES PER TOTAL SQUARE FOOT Fiscal Digital Video Express has developed and is marketing a new digital video system for watching movies at home. Circuit City Stores, Inc. holds the majority interest in the business. The remaining interest is held by the prominent Los Angeles law firm...

  • Page 50
    ... City business at that time, the Company's higher investment in Digital Video Express and increased losses incurred by the CarMax Group. Operations Outlook Refer to the "Circuit City Stores, Inc. Management's Discussion and Analysis of Results of Operations and Financial Condition" for a review...

  • Page 51
    ...programs can be expanded to accommodate future receivables growth. Late in fiscal 1997, Circuit City Stores, Inc. raised a net of $412.3 million through the initial public offering of 21.86 million shares of newly created CarMax Group Common Stock. At the end of fiscal 1999, the Circuit City Group...

  • Page 52
    ... shares [NOTES 2 AND 8]: Basic ...Diluted...NET EARNINGS PER SHARE [NOTES 2 AND 8]: 99,152 100,406 98,027 99,204 97,311 98,472 Basic ...Diluted...See accompanying notes to group financial statements. $ $ 1.50 1.48 $ $ 1.14 1.13 $ $ 1.40 1.39 50 CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT

  • Page 53
    ...I E S ... G R O U P E Q U I T Y ... Commitments and contingent liabilities [NOTES 1, 9, 10, 12, 14 AND 15] T O TA L L I A B I L I T I E S A N D G R O U P E Q U I T Y ... $3,134,826 $3,061,618 See accompanying notes to group financial statements. CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT 51

  • Page 54
    ... 15,385 (13,199) 86,345 (9,263) 41,485 $ 32,222 Increase (decrease) in cash and cash equivalents...Cash and cash equivalents at beginning of year ...Cash and cash equivalents at end of year ...See accompanying notes to group financial statements. 52 CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT

  • Page 55
    ... 1 9 9 8 ... Net earnings...Equity issuances, net ...Cash dividends...Inter-Group Interest adjustment [NOTE 2] ... B A L A N C E AT F E B R U A RY 2 8 , 1 9 9 9 ...$1,825,473 CIRCUIT CITY GROUP See accompanying notes to group financial statements. CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT 53

  • Page 56
    ...nancial rating agencies. Accordingly, the Circuit City Group does not anticipate material loss for nonperformance. All financial instruments are broadly diversified along industry, product and geographic areas. (D) MERCHANDISE INVENTORY: Inventory is stated at the lower of cost or market. Cost is...

  • Page 57
    ... into interest rate swap agreements as part of its asset securitization programs. Swaps entered into by a seller as part of a sale of financial assets are considered proceeds at fair value in the determination of the gain or loss on the sale. If CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT 55

  • Page 58
    ...and repayment of short-term and long-term debt. Allocated invested surplus cash of the Circuit City Group consists of (i) Company cash equivalents, if any, that have been allocated in their entirety Property and equipment, net ...$ 801,827 $ 834,347 56 CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT

  • Page 59
    ... Years Ended Febr uar y 28 1999 1998 Term loans ...$405,000 $405,000 Industrial Development Revenue Bonds due through 2006 at various prime-based rates of interest ranging from 5.0% to 7.0% ...6,564 7,665 12,728 12,928 Obligations under capital leases [NOTE 10] ...Note payable ...5,000 - Total long...

  • Page 60
    ... of Circuit City Stock. The exercise price for incentive stock options for employees and nonqualified options for outside directors is equal to, or greater than, the market value at the date of grant; for nonqualified options granted under the 58 CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT

  • Page 61
    ... at the date of grant (100 percent under the 1994 Plan). Options generally are exercisable over a period of from one to 10 years from the date of grant. A summary of the status of the Circuit City Group's stock options and changes during the years ended February 28, 1999, 1998 and 1997 are shown...

  • Page 62
    ... is being funded currently. Plan benefits generally are based on years of service and average compensation. Plan assets consist primarily of equity securities and included 80,000 shares of Circuit City Stock at February 28, 1999 and 1998. Eligible employees of the Circuit City Group participate in...

  • Page 63
    ...default rates varying based on portfolio composition, but generally aggregating from 6 percent to 10 percent. Principal payment rates vary widely both seasonally and by credit terms but are in the range of 9 percent to 12 percent. CIRCUIT CITY GROUP CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT 61

  • Page 64
    ... trust. As TA B L E 3 1999 (Amounts in thousands) part of this issuance, $344 million of five-year, fixed-rate certificates were issued to fund consumer credit receivables. The finance operation is servicer for the accounts, and as such, receives its monthly cash portfolio yield after deducting...

  • Page 65
    ...as of February 28, 1999 and 1998 and the related statements of earnings, group equity and cash ï¬,ows for each of the fiscal years in the three-year period ended February 28, 1999. These financial statements are the responsibility of Circuit City Stores, Inc.'s management. Our responsibility is to...

  • Page 66
    ... used-car sales resulted from an intensely price competitive newcar industry, with which CarMax must compete, and insufficient customer traffic in a number of multi-store metropolitan markets. CarMax is producing strong store-level returns in single-store markets and in the multi-store Atlanta, Ga...

  • Page 67
    ...then changes in average retail prices will have only a short-term impact on the Group's gross margin and thus profitability. administrative expense ratio reï¬,ects the costs associated with the expansion of CarMax superstores and the below-plan sales in a number of multi-store metropolitan markets...

  • Page 68
    ...year, CarMax expects to enter the Los Angeles market with a combination of its current "A" format stores and satellite stores. RECENT ACCOUNTING PRONOUNCEMENTS Refer to the "Circuit City Stores, Inc. Management's Discussion and Analysis of Results of Operations and Financial Condition" for a review...

  • Page 69
    ...involve various risks and uncertainties. Refer to the "Circuit City Stores, Inc. Management's Discussion and Analysis of Results of Operations and Financial Condition" for a review of possible risks and uncertainties. $224 44 23 6 $297 CARMAX GROUP CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT 67

  • Page 70
    ....0 88.3 11.7 $874,206 800,699 73,507 100.0 91.6 8.4 $510,249 466,788 43,461 100.0 91.5 8.5 Cost of sales ...GROSS PROFIT ... Selling, general and administrative expenses [including $11.5 million expense related to owned and leased real estate in fiscal 1998. NOTES 3 AND 13]...Interest expense...

  • Page 71
    ...GROUP EQUITY CURRENT LIABILITIES: Current installments of long-term debt [NOTE 7] ...Accounts payable ...Short-term debt [NOTE 7] ...Accrued expenses and other current... $448,322 See accompanying notes to group financial statements. CARMAX GROUP CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT 69

  • Page 72
    ...,519) 412,335 315,766 168,202 2,219 $ 170,421 ... (Decrease) increase in cash and cash equivalents...Cash and cash equivalents at beginning of year ...Cash and cash equivalents at end of year ...See accompanying notes to group financial statements. 70 CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT

  • Page 73
    ... 7 ... Net loss...Equity issuances, net ...B A L A N C E AT F E B R U A RY 2 8 , 1 9 9 8 ... Net loss...Equity issuances, net ...B A L A N C E AT F E B R U A RY 2 8 , 1 9 9 9 ... See accompanying notes to group financial statements. CARMAX GROUP CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT 71

  • Page 74
    ... are highly rated by several financial rating agencies. Accordingly, the CarMax Group does not anticipate material loss for nonperformance. All financial instruments are broadly diversified along industry, product and geographic areas. Inventory is stated at the lower of cost or market. Vehicle...

  • Page 75
    ... that has been allocated in its entirety to the CarMax Group and (ii) a portion of the Company's pooled debt, which is debt allocated between the Groups. The pooled debt bears interest at a rate based on the average pooled debt balance. CARMAX GROUP CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT 73

  • Page 76
    ... estimates future cash ï¬,ows from finance charge collections, reduced by net defaults, servicing cost, and interest cost. The Company employs a risk-based pricing strategy that increases the stated annual percentage rate for accounts that have 74 CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT

  • Page 77
    ... 1996 as a $100,000,000, six-year unsecured bank term loan. Principal is due in full at maturity with interest payable periodically at LIBOR plus 0.40 percent. At February 28, 1999, the interest rate on the term loan was 5.76 percent. CARMAX GROUP CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT 75

  • Page 78
    ... 100,000 shares were granted to eligible employees. The market value at the date of grant of these shares has been recorded as unearned compensation and is a component of Group equity. Unearned compensation is expensed over the (C) RESTRICTED STOCK: 76 CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT

  • Page 79
    ... rates ...6% Expected lives (in years)...3 - 50% 6% 3 - 40% 6% 4 Using these assumptions in the Black-Scholes model, the weighted average fair value of options granted for the CarMax Group is $3 in fiscal 1999, $6 in fiscal 1998 and $0.70 in fiscal 1997. CIRCUIT CITY STORES, INC. 1999 ANNUAL...

  • Page 80
    ... cost of the program is being funded currently. Plan benefits generally are based on years of service and average compensation. Plan assets consist primarily of equity securities and included 80,000 shares of Circuit City Stock at February 28, 1999 and 1998. Eligible employees of the CarMax Group...

  • Page 81
    ... any disposal costs. The estimated fair value is based on sales prices for comparable assets or expected future cash ï¬,ows. In addition, CarMax recorded a $1.8 million long-term liability for an operating lease where events indicated that the lease value was impaired. This loss is calculated as the...

  • Page 82
    ...related statements of operations, group equity (deficit) and cash ï¬,ows for each of the fiscal years in the three-year period ended February 28, 1999. These financial statements are the responsibility of Circuit City Stores, Inc.'s management. Our responsibility is to express an opinion on these...

  • Page 83
    ...traded on the New York Stock Exchange. The quarterly dividend data shown below applies to the Circuit City Group Common Stock for the applicable periods. No dividend data is shown for the CarMax Group Common Stock since it pays no dividends at this time. Circuit City Group Fiscal HIGH Market Price...

  • Page 84
    ...A. Sexton Vice President and Eastern Division President Scott A. Rivas Assistant Vice President Human Resources Angela C. Schwarz Assistant Vice President First North American Credit Corporation Fred S. Wilson Assistant Vice President Loss Prevention 82 CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT

  • Page 85
    ...Richmond, Virginia North Carolina Charlotte Raleigh Virginia Richmond Ann M. Collier Vice President Financial and Public Relations (804) 527-4058 South Carolina Greenville Washington, D.C./ Baltimore (5) Georgia Atlanta (3) Texas Dallas/Fort Worth (3) Houston (3) San Antonio Illinois Chicago...

  • Page 86
    CIRCUIT CITY STORES, INC. 9950 Mayland Drive R i c h m o n d , Vi r g i n i a 2 3 2 3 3 - 1 4 6 4