Systemax has announced that it has signed a "stalking horse" agreement to purchase select assets form Circuit City for $6.5 million in cash along with a share of future revenue generated by using the assets over a 30-month period.
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Systemax says that it believes that if the transaction is completed it would further extend its position as a leader in online retailing of value price consumer electronics. The agreement has been submitted to the Bankruptcy Court for the Eastern Division of Virginia for approval.
Completion of the deal is subject to approval by the courts and the auction process and will not be completed if a bidder bids higher for the same assets. Systemax says that should it be outbid it is entitled to break-up fees and expenses.
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