Bankrupt and in the process of liqudation, Circuit City hasn't had any good news in a long time. But the company's Candian operations will live to fight another day.Bell Canada Enterprises has agreed to acquire the company's 750+ Canadian stores. As the largest phone company in Canada, Bell hopes that the stores, known as The Source by Circuit City, will help to increase its struggling market share numbers in mobile phones.
"The Source is a respected leader in consumer electronics retailing right across Canada," Bell Canada CEO George Cope said in a statement. "Its acquisition supports Bell's strategic imperatives."
The sale is great news for Circuit City's Canadian employees, whose job security was in limbo as they watched all of their United States colleagues lose their jobs.
Circuit City acquired the Canadian operations for $335 Canadian Dollars in 2004 -- now the equivalent of about $260 million U.S. dollars, but Bell Canada said it paid, not surprisingly, "significantly less" for the stores in this transaction.
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