Circuit City adjusts auction schedule

By Staff Reports

Published: January 13, 2009

Circuit City Stores Inc. has adjusted the schedule of the auction of itself that begins today in New York.

The auction of Circuit City as a going concern selling itself lock, stock and barrel -- was moved from noon today to 3 p.m. tomorrow.

In a court filing posted on its bankruptcy Web site last night, the Henrico County-based consumer electronic retailer said it was making the changes because it had received "expressions of interest for going concern transactions and continue[s] to explore various financing alternatives."

In an e-mail this morning, Circuit City spokesman Bill Cimino would not say whether that interest included a new suitor.

"As we said in the release [last week], we are engaged in active discussions with two highly motivated and interested parties," he wrote.

A going concern transaction means Circuit City would sell itself in its entirety and continue operating. An infusion of capital could help it continue its restructuring.

The going concern auction, which was scheduled to begin at noon today, will be pushed back until 3 p.m. tomorrow.

The new schedule has an auction of miscellaneous assets staring at noon today. An auction of individual stores will be held at noon tomorrow before the going convern auction tomorrow afternoon.

Circuit City will then take the best offer -- whether it's a combination that sells the company piecemeal or as a whole -- to a hearing in U.S. Bankruptcy Court in Richmond at 10 a.m. Friday.

The company filed for bankruptcy Nov. 10 after nearly two years of losses. -- Louis Llovio