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Circuit City Auctions off Stores and Branding  Print E-mail
Home Theater News Industry-Trade News
Written by AVRev.com   
Tuesday, 17 February 2009

Over 600 stores, offices and distribution centers have been approved by a federal bankruptcy court to be sold off or to see the lease broken early by Circuit City.  Those stores set to close their doors by the end of the month could see this process begin as early as February 26th.

The Gordon Brothers’ DJM Realty division will be handling the auctions.  They, along with Hilco Trading, will bid on the Circuit City brand and domain name, in a stalking horse bid that can be topped once Circuit City’s intellectual property goes to public auction.

The bankruptcy sale at Circuit City stores is going faster than anticipated, and the latest stores to close will likely close ahead of the March 31st deadline.  The final batch of stores will be auctioned off on March 10th. In addition to the ruling that allows Circuit City to auction off its remaining stores, the court permitted them to sell defective merchandise online via a third party vendor, and to sell off two corporate jets for $4.4 and $4.5 million.

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