BRIEF: Circuit City wants to sell Web site for $6.5 million

Mon. April 13, 2009; Posted: 02:46 PM

Apr 13, 2009 (Richmond Times-Dispatch - McClatchy-Tribune Information Services via COMTEX) -- CCTYQ | Quote | Chart | News | PowerRating -- Another buyer looking to capitalize on Circuit City's brand has emerged.

Circuit City Stores Inc. is asking the U.S. Bankruptcy Court in Richmond to give approval for the bankrupt consumer electronics retailer to sell its Web site, name and brand to Systemax. Inc., based in Long Island, New York, for $6.5 million.

Systemax has been selected to make the stalking horse bid, which is an initial offer from a company chosen by the debtor. Competing bids must be $350,000 more than Systemax' initial offer, court documents show.

The deadline for bids is May 6. If competing bids are made, an auction is scheduled for May 11 in the New York offices of Skadden, Arps, Slate, Meagher & Flom, the firm representing Circuit City in bankruptcy court.

Systemax was one of two companies competing to become the initial bidder, court documents indicate.

Previously, the Hilco Organization, based in Illinois, had indicated interest in buying up Circuit City's name and online presence. Hilco and another company bought the assets of bankruptcy retailer Lines 'N Things in February.

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