Circuit City asks court to OK bid procedures for $2.9 million property sale

By Jennifer Lanning Drey

Portland, Ore., Feb. 13 - Circuit City Stores, Inc. requested court approval of the bidding procedures related to the proposed $2.9 million sale of the company's property in Phoenix, according to a Thursday filing with the U.S. Bankruptcy Court for the Eastern District of Virginia.

The proposed purchaser is Heslin Holdings, Inc.

The sale is subject to higher bids.

Under the proposed bidding procedures, competing bids must be for at least $3.0 million.

Bids are due by 5 p.m. ET on March 13 and must include a 10% deposit.

If multiple bids are received, an auction will be held on March 18.

The proposed date for the sale hearing is March 20.

The Richmond, Va., electronics retailer filed for bankruptcy on Nov. 10 in the U.S. Bankruptcy Court for the Eastern District of Virginia. Its Chapter 11 case number is 08-35653.

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