The relaunch of the Circuit City has raised the hopes of those who used to frequent the store back before it closed shop. Is it possible we’ll see brick and mortar Circuit Cities again sometime? In short, don’t bet on it.
On May 19 the Circuit City brand and website was purchased by Systemax Inc., the company responsible for etailers like Tiger Direct, CompUSA, and Misco. For a cool $14 million, Systemax acquired certain trademarks, trade names, domains, customer lists and information, and “other intangible assets of Circuit City's e-commerce business.” The Bankruptcy Court issued its order approving the transaction on May 15, 2009 following a public auction conducted on May 11, 2009.
In addition to the purchase price of $14 million, Systemax also agreed to hand over a share of future revenue generated over a 30-month period. According to the press release, which simultaneously announced the acquisition and relaunch, the minimum future revenue guaranteed to Circuit City is $3 million.
So this isn’t a resurrection of Circuit City. Sniff.
Hat tip goes to ChaosGS4.
Yes it is old news, but it was official just last week.
I always liked CC. Most everything I personally looked at was cheaper than BB - maybe a locale/regional thing (I live in the county it was based in)? Either way competition is needed and BB is a monopoly in the market now. Who else would you say can equate to the sheer size of them in electronics retail - Radio Shack, Target, Wal-mart? Maybe if you combine all of them into one sales figure and factor in all of the little guys as well.
That sucks. Did you buy it on clearance when they were going out of business? I went in when they were going out of business and picked up a Logitech G15 and a G9 for $70 each for my upcoming build (but I'm using them now anyway).