Just like Phoenix the Circuit City brand has risen from its ashes.Yes! Circuit City has been re-launched under a new management and ownership.
As per the official release: “On May 19, 2009, Systemax Inc. [NYSE:SYX] purchased the Circuit City brand and website. Systemax Inc. has been in business since 1949. Systemax Inc. is a leading multi-channel retailer of computers, electronics, and industrial products in North America and Europe. Systemax Inc. is a publicly traded company on the NYSE under the symbol SYX.”
The new management @ Circuit City promises new and exciting CircuitCity.com with Lower Prices, Wider Selection, Faster Shipping, World Class Service! I hope they deliver on their promises. Though this may not be a very good news for Best Buy[NYSE:BBY] which was having a kind of monopoly in retail consumer electronics after Circuit City filed for bankruptcy and closed its business. Though, I’m not sure if they are opening any retail stores any time soon. Circuit City is back as an internet only retailer like Buy.com or TigerDirect.com. Competition in any business is good for consumers and I would like to say “Welcome Back! Circiut City!”
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