Circuit City’s Canadian operations have been sold

Circuit City Stores Inc.'s Canadian operations have been sold.

The defunct consumer-electronics retailer, which had its corporate headquarters in Henrico County, said yesterday that the sale of its InterTAN Canada Ltd. to telecommunications company Bell Canada had been completed.

Bell Canada paid $116.8 million, plus $30.3 million for working capital, according to documents filed with the U.S. Securities and Exchange Commission.

InterTAN operates 750 The Source electronics stores.

The Source will sell Bell products, including its home phones, Internet services, high-definition television services and mobile-phone service. Those products will be in stores by January, the company has said.

The Source stores, many of which are former Radio Shack locations, will continue to operate separately from Bell.

Circuit City bought InterTAN in 2004 in a deal valued at $284 million. The Source generated the equivalent of $498 million in sales last year.

Circuit City had been looking for a buyer since 2007.

In January, Circuit City put its Canadian subsidiary up for sale after deciding to liquidate all of its U.S. operations after being unable to find a buyer for them. Circuit City filed for bankruptcy protection in November.

The deal to sell InterTAN to Bell was originally announced in March, but the sides agreed not disclose details until after sale was completed.

By finding a buyer that will keep InterTAN going, Circuit City was able to do what it was unable to do in the U.S.

About 34,000 Circuit City employees in the U.S. lost their jobs as a result. The last Circuit City stores closed in March.

Fewer than 100 employees continue to work for the chain to wind down the company's business affairs.

In May, Systemax Inc. bought Circuit City's brand, trademarks and e-commerce business at a bankruptcy auction and began using the CircuitCity.com site.

Staff writer Louis Llovio and The Associated Press contributed to this report.