ccs032009_8k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
___________
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event
reported): May 15, 2009
CIRCUIT
CITY STORES, INC.
(Exact
name of registrant as specified in its charter)
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Virginia
(State
or other jurisdiction
of
incorporation)
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1-5767
(Commission
File Number)
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54-0493875
(I.R.S.
Employer
Identification
No.)
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4951
Lake Brook Drive, Suite 500
Glen
Allen, Virginia
(Address
of principal executive offices)
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23060
(Zip
Code)
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Registrant’s
telephone number, including area code: (804) 290-4302
9950
Mayland Drive
Richmond, VA 23233
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
On May
15, 2009, the United States Bankruptcy Court for the Eastern District of
Virginia, which has jurisdiction over the reorganization proceedings under
Chapter 11 of the United States Bankruptcy Code for Circuit City Stores, Inc.
(the "Company") and each of its wholly-owned United States and Puerto Rican
subsidiaries, entered on its docket an order granting approval of the sale of
the Company's intellectual property, Internet-related property and customer
information to Systemax Inc ("Systemax") following an auction earlier the
same week. Under the terms of the asset purchase agreement,
Systemax will pay $14 million to the Company, plus a share of the future revenue
generated by the assets over a 30-month period, which is guaranteed not to be
less than $3 million. The sale remains
subject to customary closing procedures.
Forward
Looking Statements
Statements
made in this release may be considered forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 and are subject
to risks and uncertainties. These forward-looking statements include, without
limitation, statements regarding the Company's expectations concerning the
bankruptcy process. Actual results may differ materially from those included in
the forward-looking statements due to a number of factors, including, without
limitation, developments in the bankruptcy proceedings, the results of the
liquidation sales and other matters.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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CIRCUIT
CITY STORES, INC.
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(Registrant)
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Date: May
19, 2009
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By:
/s/Michelle O.
Mosier
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Michelle
O. Mosier
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Vice
President and Controller
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