| Time running out for The Source |
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| Written by HGO Staff | |
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TORONTO - Time is running out for the The Source by Circuit City, according to a report published today in the Toronto Star. Tomorrow is the deadline for interested buyers to firm up bids for the 765-unit chain of consumer electronics stores, which unlike its U.S. parent appears to be in good financial shape.
The Star suggests that the leading contenders to acquire The Source include The Brick Group Income Fund, parent company of high impact full furniture stores The Brick and United Furniture Warehouse; the U.S. based Best Buy, which operates both Best Buy and Future Shop stores in Canada; and, a buyout group led by The Source's current management. The Source sought protection under the Companies' Creditors Arrangement Act (CCAA) after Circuit City filed for bankruptcy protection last November. The Richmond, Virginia-based Circuit City went into liquidation last Friday. The Source needed to seek CCAA protection because it shared a credit facility with Circuit City. Circuit City acquired the Barrie, Ontario headquartered InterTAN Canada, The Sources' parent company, in 2004 for $260 million. Click here to read the complete report in the Toronto Star. |
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