Circuit City Web site relaunchesThe Circuit City Web site, CircuitCity.com, has been relaunched by Systemax Inc., which recently acquired the brand's e-commerce business.
On May 19, Systemax closed on its agreement to acquire certain trademarks, trade names, domains, customer lists and information as well as other intangible assets of Circuit City's e-commerce business. The purchase price was $14 million in cash plus a share of any future revenue generated utilizing those assets over a 30-month period. Under the terms of the agreement, the minimum future revenue guaranteed to Circuit City is $3 million.
Systemax sells consumer electronics online, by direct mail and in retail stores under the TigerDirect and CompUSA brands, which it acquired last year. The company is in the process of remodeling its CompUSA stores in the US using its Retail 2.0 shopping system, which is designed to bring the best of the Web to the retail stores.
The new CircuityCity.com site features enhanced content, including photo galleries and videos of thousands of most popular consumer electronics and computer products.
“Circuit City is one of the iconic brands in US electronics retailing with a 60-year legacy,” said Richard Leeds, chairman and CEO at Systemax, in a statement. He added that with its experience in consumer electronics retail, “Systemax is uniquely positioned to best carry forward the great Circuit City brand in the online space.”
Systemax won Circuit City's e-commerce business at an auction earlier this month, after entering a stalking horse agreement with Circuit City in April. The latter began liquidating assets in January after filing for bankruptcy protection in November.