Systemax Wins Circuit City Auction
Circuit City's name and trademarks (almost) officially got a new owner Tuesday, as Systemax Inc. was declared the winner of an auction for the assets.
Reuters reported that Systemax, which reached a "stalking horse" agreement last month with the defunct retailer, has won the auction of Circuit City's assets, pending approval by a Virginia bankruptcy court.
Gordon Brothers Brands and Hilco Consumer Capital were previously in the bidding, but it is unclear whether they were in the bidding until the end. Terms of the bid were not disclosed, until the stalking horse bid was for $6.5 million.