Personal Technology
Systemax Relaunches CircuitCity.com
PORT WASHINGTON, N.Y. (AP) — Online retailer Systemax Inc. said Friday it has completed the acquisition of Circuit City's online business and relaunched CircuitCity.com.
On Tuesday, Systemax closed on its agreement to acquire trademarks, domain names, customer lists and information of the online business out of bankruptcy for $14 million in cash plus a share of future revenue over 30 months. A bankruptcy court approved the transaction last week following a public auction. Circuit City, a 60-year-old electronics retailer based in Richmond, Va., closed its doors in March after failing to successfully emerge as a continuing business from Chapter 11 bankruptcy. It filed for bankruptcy protection in November. Systemax is the same company that purchased electronics retailer CompUSA's intellectual property when it closed last year. It manufactures and sells consumer electronics online, by direct mail and in retail stores. Systemax shares fell 27 cents, or 2.2 percent, to close at $12.03.TheStreet Premium Services
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