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Systemax clears the final hurdle in its $14 million bid for CircuitCity.com
It’s official: CircuitCity.com is now part of Systemax Inc. A judge for the U.S. Bankruptcy Court for the Eastern District of Virginia late yesterday approved the results of a May 11 auction, which included Systemax’s winning bid of $14 million.
Managing Editor, International Research
It’s official: CircuitCity.com is now part of Systemax Inc.
A judge for the U.S. Bankruptcy Court for the Eastern District of Virginia yesterday approved the results of a May 11 auction. At the auction, which was held in the New York office of Circuit City’s bankruptcy law firm, Skadden, Arps, Slate, Meagher & Flom LLP, Systemax’s $14 million bid was approved over four other bids. The other bidders, and how much they bid, was not disclosed.
As the winner of the auction, Systemax acquires the assets of CircuitCity.com and certain undisclosed customer information related to the web and other intellectual property. As part of its final bid, Systemax also will agree to pay bankrupt Circuit City Stores Inc. at least $3 million over 30 months. “The closing is anticipated to occur on or about May 15,” Systemax says in its recently filed quarterly report with the U.S. Securities and Exchange Commission. “At the closing, the company will make an initial purchase payment of $14 million cash and has guaranteed to Circuit City that its share of the future revenue stream will be at least $3 million.”
Systemax, No. 21 in the Internet Retailer Top 500 Guide, also operates CompUSA.com and TigerDirect.com.