FINANCE

Systemax relaunches CircuitCity.com

BY CSA STAFF

Port Washington, N.Y. Online retailer Systemax has completed the acquisition of Circuit City’s online business and relaunched CircuitCity.com.

On Tuesday, Systemax closed on its agreement to acquire trademarks, domain names, customer lists and information of the online business out of bankruptcy for $14 million in cash, plus a share of future revenue over 30 months.

A bankruptcy court approved the transaction last week following a public auction.

Circuit City closed its doors in March after failing to successfully emerge as a continuing business from Chapter 11 bankruptcy. It filed for bankruptcy protection in November.

Systemax is the same company that purchased electronics retailer CompUSA’s intellectual property when it closed last year. It manufactures and sells consumer electronics online, by direct mail and in retail stores.

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REAL ESTATE

Office Depot unveils new format

BY CSA STAFF

Albuquerque, N.M. Office Depot unveiled on Tuesday its remodeled store in the Towne Park Plaza Shopping Center in Albuquerque, N.M., according to the New Mexico Business Weekly.

Office Depot converted its Duke City flagship to its M2 retail format where products are grouped in strategically located “pods,” with core supplies at the outer perimeter of the store. Furniture and technology have been moved to the store’s center to better support consultant sales. Bold signage, updated colors and new flooring are part of the package.

Company officials did not release the cost of the remodel.

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News

Target finds fault in RiskMetrics report

BY CSA STAFF

MINNEAPOLIS Target pointed out a number of flaws in a RiskMetrics report on Target’s ongoing proxy contest.

According to reports, Target noted in a white paper that the proxy firm was incorrect in calling the company’s real estate ownership “atypical” and noted that other big-box retailers, including Lowe’s and Costco all own a large amount of their U.S. real estate. Target took issue with RiskMetrics’ claim that the retailer was resistant to change, pointing out that it has added six new board members since 2002.

RiskMetrics, according to reports, is supporting Pershing Square’s William Ackman and former Starbucks CEO James Donald for Target’s board.

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