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Just like the South, where the Richmond, Va., CE chain was once based, Circuit City may rise again.
Current owner Systemax has put the trademark and domain names of Circuit and fellow former CE chain CompUSA up for sale after consolidating those businesses under its TigerDirect brand last year.
The company acquired Circuit City’s intellectual property in a 2009 bankruptcy auction and purchased the CompUSA brand and 16 of its stores in 2008, as former Systemax retail exec Gilbert Fiorentino sought to fill a CE market vacuum.
(Fiorentino later resigned and returned millions to Systemax amid charges of kickbacks and theft, and reached a separate settlement with the SEC last year. Last month his brother Carl was indicted and faces jail time for taking millions in bribes from Systemax suppliers.)
According to Hilco Streambank, which is handling the sale, the Circuit and CompUSA websites drew “tens of millions” of annual visits under Systemax, while its co-branded chain of CompUSA and TigerDirect stores grew to 43 locations at its peak.
The deadline for bids is Aug. 15. Click here for more information.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.