A federal bankruptcy judge approved the sale of Circuit City Store Inc.'s brand, trademark and Web site to Systemax Inc. for $14 million.
U.S. Bankruptcy Judge Kevin R. Huennekens approved the sale during a hearing this afternoon.
Systemax, a Port Washington, N.Y.-based consumer electronics retailer, had filed an opening bid of $6.5 million last month, but three other bidders appeared, driving the price up and forcing an auction.
Among the bidders was Ultimate Electronics, the company run by Mark J. Wattles. Wattles is the Circuit City investor who last year led a proxy challenge against the chain asking shareholders to fire the board and senior management.
When Circuit City filed for bankruptcy in November, Wattles was its third largest shareholder, with 6.5 percent of outstanding shares.
Gregg M. Galardi, Circuit City's bankruptcy attorney, said in court today that Ultimate's bid was not high enough to be considered for the auction.
Systemax sells its products through branded e-commerce Web sites, direct-mail catalogs, relationship marketers and retail stores in North America and Europe. Its primary brands are TigerDirect, CompUSA, Misco and Global Industrial.
Henrico County-based Circuit City shut its last stores in March.
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