Circuit City completes sale of Canadian assets

By Michael Felberbaum

AP Business Writer

RICHMOND, Va. — Electronics retailer Circuit City, which closed all its U.S. stores, has sold its Canadian stores to telecommunications company Bell Canada.

The entity Bell Canada acquired, InterTAN Canada, controls 750 The Source electronics stores. Bell Canada bought it for $116.8 million, plus $30.3 million for working capital, according to documents filed today with the U.S. Securities and Exchange Commission.

Bell Canada said it will use the stores to offer a range of consumer products, such as Bell Mobility and Virgin Mobile cell phones and television, Internet and phone products and services.

Circuit City filed for Chapter 11 bankruptcy court protection in November 2008 and closed its 567 remaining U.S. stores in March.