Circuit City – or what's left of it – is hoping to sell its brand, trademarks and e-commerce business to Systemax, the Associated Press reports. Systemax bought CompUSA's intellectual property last year, the AP said. Or, if you have money to burn, Circuit City can become all yours - all bidders welcome.
Here's the rest of the AP report:
According to bankruptcy court filings, the Richmond-based company has entered into a so-called stalking horse agreement with Systemax for $6.5 million. A stalking-horse bid is an initial offer on a bankrupt company’s assets from an interested buyer chosen by the company.
The agreement also includes payments of a scaled percentage of revenues coming from the site.
Other companies should have an opportunity to bid on the assets, if a federal bankruptcy court judge grants a motion for a May 11 auction at a hearing Tuesday.
Circuit City closed its remaining U.S. stores last month and has laid off about 34,000 workers since filing for bankruptcy protection in November.