A bankruptcy judge this morning told Circuit City Stores Inc. it can sell or break leases at its remaining stores, distribution centers and offices.
The auctioning of the leases will proceed on two tracks, depending on when the chain's stores close.
Because of the success of the chain's going out of business sale, some stores might close at the end of this month, said Gregg M. Galardi, the company's bankruptcy attorney.
Bids for those stores are due by Feb. 24, with an auction scheduled for Feb. 26.
The company would take winning bids back to the court on March 3 for approval or to hear objections.
For leases at the remaining stores that are to close by March 31 and other facilities, bids are due March 5 and the auction date is March 10.
The court will run on the the bids at a hearing March 13.
At this morning's hearing at U.S. Bankruptcy Court in Richmond, the chain also won final approval to sell its two corporate jets: a 2001 Learjet 45 for $4.35 million, and a 1996 Hawker 800XP for $4.5 million.
Henrico County-based Circuit City filed for bankruptcy in November. In January, it decided to liquidate it stores, shut down and lay off 34,000 employees. -- Louis Llovio
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