Friday, January 16, 2009

Circuit City closing and liquidating.. What about the Source?

Twit This!

Now that Circuit City is shutting down in the US, what will happen to the Source by Circuit City?

Will it go through its 2nd rebranding in 3 years?

According to

InterTAN Canada Ltd. ("InterTAN"), an indirect wholly-owned subsidiary of US-based Circuit City Stores, Inc. (NYSE: CC: undefined, undefined, undefined%), today confirmed that The Source by Circuit City stores across Canada remain open for business and are not included in the liquidation process announced earlier today by Circuit City in the US.

On November 10th, 2008, InterTAN sought and obtained creditor protection by the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act (CCAA). Since that time, the Company has been working with NM Rothschild & Sons Canada Limited to pursue a sale of the Canadian operations as a going concern and has been in active discussions with a number of interested bidders. InterTAN expects to receive formal proposals with respect to a going concern transaction on or before January 23rd, 2009. The Canadian sales process is separate and distinct from the sales process followed by Circuit City in the US.

InterTAN operates or licenses 765 neighbourhood electronics stores and dealer outlets across Canada under the trade name, The Source by Circuit City. All of these stores are fully staffed and open for business.

So I guess this means a reprieve for now, but they are still looking for a buyer.  My suggestion is to quickly spend any gift cards, and return anything now that they didn't want for Christmas.

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