Circuit City Stores looks to sell San Jose property for $8.25 million

By Jennifer Lanning Drey

Portland, Ore., July 29 - Circuit City Stores, Inc. requested court approval of the bidding procedures related to the proposed $8.25 million sale of its San Jose, Calif., property, according to a Tuesday filing with the U.S. Bankruptcy Court for the Eastern District of Virginia.

The stalking horse bidder is Mathew Zaheri.

Competing bids are due by 5 p.m. ET on Aug. 13.

If any qualified bids are received, an auction will be held on Aug. 20.

Circuit City will reimburse up to $37,500 of Zaheri's sale-related expenses if it selects another bid.

The sale hearing is scheduled for Aug. 27.

A hearing on the bid procedures has not yet been scheduled.

Circuit City, a Richmond, Va., electronics retailer, filed for bankruptcy on Nov. 10, 2008. Its Chapter 11 case number is 08-35653.

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