Circuit City

Circuit City may gain new life under Systemax

Circuit City may gain new life under Systemax

Systemax already owns TigerDirect and recently acquired CompUSA, which the company has plans to revive, but the computer company is looking to expand even further with the acquisition of the Circuit City name.

They will have to put in a bid before May 11th. The estimated cost for this venture would be $6.5 million--this includes the website and the brand name. We currently don't know if anyone else is bidding on it, or if Systemax will even go through with this, but it seems a likely move.

Especially when you consider the forward-thinking moves Systemax has been taking lately by reopening CompUSA stores with a different attitude (easing up on demo unit restrictions and matching online prices) and expanding their retail presence....

SlashGear Week in Review: Week 3 2009

SlashGear Week in Review: Week 3 2009

Things are traditionally quiet in the tech world the week following CES, but we've seen our fair share of intrigue over the past seven days.  Biggest news, in terms of share impact at least, is Steve Jobs' surprise leave-of-absence due to "health concerns", which has managed to overshadow both the teased redsn0w iPod touch 2G Jailbreak and rumors that the upcoming Mac mini refresh will use NVIDIA's Ion chipset.

In cellphones, it looks like the Helio Ocean 2 is almost ready to ship, but it could be too little, too late now that the Palm Pre is catching all the headlines.  Latest Pre rumor is that Vodafone UK will be picking it up as an exclusive; for all the details on Palm's new smartphone, check out this round-up post and then head over to Pre Community.

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Circuit City goes into liquidation: no buyer found in time

Circuit City goes into liquidation: no buyer found in time

Rejection is a difficult thing, and for Circuit City it means liquidation.  The ailing retailer had until today, January 16th, to find a buyer, but with none forthcoming it's expected to inform the Richmond, Virginia, Bankruptcy Court that it has no option but to close down.  That means 567 Circuit City stores will be liquidated, meaning plenty of new year bargains but also plenty of new year unemployment.

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Circuit City files for bankruptcy as creditors circle

Circuit City files for bankruptcy as creditors circle

Circuit City has filed for Chapter 11 bankruptcy protection, in a move to reduce pressure from suppliers and in what could be a final, last-ditch attempt to ride out the ongoing credit crisis.  The company, which is the number two electronics retailer in the US, announced last week that it would close 155 stores before the end of the year; however, increasingly strict terms from Circuit City's suppliers - including demands for payment up front - were hampering what company CFO Bruce Besanko described as "turnaround goals".

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Circuit City axes 155 stores

Circuit City axes 155 stores

Electronics shoppers in Milwaukee, Antioch and Lenexa (which sounds like a prescription tranquilizer) beware - your Circuit City stores are among the 155 the company has confirmed are closing.  While the company has not announced any specific reasons for the closures - which will also mean Circuit City pulling out of twelve markets - it's not hard to see it as an attempt to push its ailing share price back above the $1 mark.

Full list of stores affected after the cut

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