RICHMOND, Va.—Circuit City wants to sell its brand, trademarks and e-commerce business to Systemax Inc., the same company that bought CompUSA’s intellectual property in 2008.
Bankruptcy court filings show Richmond-based Circuit City Stores Inc. has entered into a so-called stalking horse agreement with Systemax for $6.5 million. A stalking-horse bid is an initial offer on a bankrupt company’s assets from an interested buyer chosen by the company.
The agreement also includes payments of a scaled percentage of revenues from the site.
A bankruptcy court hearing on the matter is scheduled Tuesday.
Circuit City closed its remaining U.S. stores, including 15 in Colorado, last month, and has laid off about 34,000 workers since filing for bankruptcy protection in November.
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