Circuit City Seeks Approval to Be Sold
Circuit City filed a motion Monday with the United Staes Bankruptcy court seeking approval to "formally put the company up for sale, as a going concern, as separate business units or as individual assets - including the sale of inventory," according to a statement issued by the company today.
The statement goes on to say that Circuit City is in "significant discussions, meetings and negotiations with two highly motivated and interested parties concerning the terms of a going concern transaction." The statement does not disclose the identities of the parties.
The motion was made under a seal, but made public today in order to allow for a hearing on the motion to take place. If approved, the motion would allow for an auction of the company and assets to begin on January 13, with a sale hearing to follow on January 16.
David Thomas, CEO at Evident, is an accomplished cybersecurity entrepreneur. He has a history of introducing innovative technologies, establishing them in the market, and driving growth – with each early-stage company emerging as the market leader.