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The Source stores up for sale, headed to Best Buy?

01/22, 3:35pm

The Source Stores for Sale

The collapse of Circuit City in the US may not only cast doubt on the future of its Canadian retail chain The Source but could shift many stores towards Best Buy. Circuit City's Canadian subsidiary InterTAN says all 765 The Source stores are being put up for auction this week and that buyers could pick up some or all of the stores for their own purposes. Proposals from buyers are due as early as Friday and could result in a decision shortly afterwards.

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Circuit City to liquidate, shut down

01/16, 12:10pm

Circuit City Liquidates

Circuit City today revealed that it has decided to liquidate all its assets and effectively shut down the company. The retailer says the move comes after it was unable to strike a deal with its creditors and other moneylenders to fund the company's business following its move for Chapter 11 bankruptcy in November, which gave it an opportunity to reorganize its business. It also warns that there is unlikely to be enough money left from selling its stores and other resources to pay equity holders.

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