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Three Bidders Eye Circuit City

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Looks like three bidders have emerged for Circuity City. The bad news is that it's not at all clear that these firms want to keep the company operating. Hilco and Gordon Brothers are liquidators. So the only interest those firms have would be to break up the retailer.

Private-equity firm Golden Gate Capital has emerged as one of three bidders in the auction for retailer Circuit City Stores Inc, which filed for bankruptcy protection in November, the Wall Street Journal reported.

The San Francisco-based firm has made a bid for the entire company but has requested 30 days to analyze the business, the Journal said, citing people familiar with the situation.

Mexican billionaire Ricardo Salinas Pliego, who acquired 28.5 percent of Circuit City's stock after it filed for Chapter 11, also is exploring a purchase, the paper said.

The third bidder is a combination of liquidation firms Hilco Merchant Resources and Gordon Brothers Retail Partners, which want to buy the chain's inventory and sell it in a going-out-of-business sale, according to the paper.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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