Circuit City Brand to be Sold for $6.5M14 Apr, 2009 By: Erik Gruenwedel
Shuttered Circuit City Stores could continue operations as an e-commerce business if a proposed $6.5 million purchase of its trademark and related web properties is approved by a bankruptcy court.
An auction of the former No. 2 CE retailer’s assets is slated for May 11.
Systemax Inc., a Port Washington, N.Y.-based manufacturer and retailer of consumer electronics, signed a “stalking horse” agreement to purchase select Circuit City assets, including patents, trademarks, customer data and toll-free numbers, according to a court filing with U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond.
If approved, Systemax would pay Circuit City creditors a share of future revenue generated online over a 30-month period.
Circuit City, which filed for bankruptcy protection Nov. 10, 2008, and ceased operations March 9, was based in Richmond.