Online sales climbed 24% year over year, while Best Buy’s overall sales were flat.
Wasting no time after buying the domain name of bankrupt electronics retailer Circuit City, new owner Systemax today relaunched CircuitCity.com. The new owner bought Circuit City customer lists, and it is encouraging customers to stay on those lists.
Three days after the bankrupt electronics retailer’s domain name was sold, CircuitCity.com was back in business today. New owner Systemax Inc. also bought customer lists from Circuit City and is using the web site to encourage customers to remain on those lists.
Hyperlinked text at the top of the CircuitCity.com home page says “CircuitCity.com is under new ownership-learn more.” Clicking on that link takes visitors to a page providing information about the sale of the Circuit City brand and web site to Systemax.
Systemax, owner of consumer electronics retail brands TigerDirect and CompUSA, is No. 21 in the Internet Retailer Top 500 Guide.
"This acquisition and quick launch of the all-new CircuitCity.com further solidifies Systemax`s position as a leader in online retailing of value-priced, branded computers and consumer electronics,” says Systemax CEO Richard Leeds. “Circuit City is one of the iconic brands in U.S. electronics retailing with a 60-year legacy. With the longstanding leadership of our TigerDirect.com business and the growing contribution of our CompUSA business acquired last year, we think Systemax is uniquely positioned to best carry forward the great Circuit City brand in the online space."
Systemax purchased the Circuit City brand, domain name, customer lists and other intangible assets for $14 million plus a share of revenue generated from those assets over a 30-month period. Systemax guaranteed Circuit City a minimum of $3 million from that revenue share.