Montreal, Canada — Circuit City has found a buyer for its 750-store Canadian operation.
Bell Canada, that country’s largest carrier, has agreed to acquire the CE chain’s InterTAN subsidiary for an undisclosed amount.
Bell Canada said it will use the stores to sell it wireless, Internet and HDTV services.
“The acquisition of our Canadian operations by Bell Canada follows an active sales process that saw considerable interest in this business,” said James Marcum, Circuit City’s vice chairman and acting president/CEO. “This is a positive outcome for Circuit City, InterTAN and its employees, suppliers and customers.”
Circuit City acquired InterTAN in May 2004. The chain, comprised largely of franchised RadioShack stores, was later renamed The Source by Circuit City.
Bell Canada said the chain will keep its name and will continue to operate independently under its current management team, led by president and Circuit City veteran Ron Cuthbertson. The stores will also continue to carry A/V and PC products in addition to Bell’s telecommunications products and services.
The sale is expected to close in the third quarter pending court approval in the United States and Canada.