Circuit City Seeks To Sell Brand, Web Site
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MICHAEL FELBERBAUM
RICHMOND, Va. (AP) — Circuit City Stores Inc. hopes to sell its brand, trademarks and e-commerce business to Systemax Inc., the same company that purchased electronics retailer CompUSA's intellectual property when it closed in 2008. Richmond-based Circuit City, also a shuttered electronics retailer, has entered a so-called stalking horse agreement with Systemax for $6.5 million, according to bankruptcy court filings. A stalking horse bid is an initial offer for a bankrupt company's assets from an interested buyer chosen by the company. The agreement also includes two and one-half years of payments to Circuit City of a portion of Systemax's revenue from the Circuit City Web site. Port Washington, N.Y.-based Systemax manufactures and sells consumer electronics online, by direct mail and in retail stores under the TigerDirect and CompUSA brands. When it bought Dallas-based CompUSA's intellectual property in January 2008 from restructuring firm Gordon Brothers Group LLC, it also acquired some stores. Systemax believes the transaction would "further extend its position as a leader in online retailing of value-priced, branded consumer electronics," the company said in a statement.- Loading Comments...
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