Circuit City Group (fka CCTYQ)

[joey13]

InterTAN Canada says 'a number of formal proposals' on table

TORONTO — InterTAN Canada, which operates 765 The Source by Circuit City stores across Canada, said it has received "a number of formal proposals" regarding the sale of its Canadian operations.

Buyers were asked to present formal proposals to an Ontario court on Friday.

InterTAN wouldn't reveal the number of bidders, or their names, but said it is evaluating each of the proposals. It didn't set a deadline to complete the review.

"Confirmation of a winning bidder is subject to court approval," the company said in a statement late Friday.

Meantime, it said all of its The Source by Circuit City stores across Canada remain open for business.

The Source's current owner, Circuit City, announced last week its 567 remaining U.S. stores would be liquidated after the fallen retail giant failed to find a buyer or financing under Chapter 11 bankruptcy protection.

InterTAN has said it won't be part of the parent company's liquidation.

In 2004, Circuit City paid about $284 million for InterTAN's 980 Radio Shack and Battery Plus stores, and shortly afterwards began shuttering the weaker locations