Circuit City requests court OK of $2.75 million Richmond property sale

By Caroline Salls

Pittsburgh, July 13 - Circuit City Stores, Inc. requested court approval of the proposed $2.75 million sale of its Deep Run Business Park property in Richmond, Va., according to a Tuesday filing with the U.S. Bankruptcy Court for the Eastern District of Virginia.

DRCC Properties, LLC is the stalking horse bidder.

If DRCC is not able to purchase the property under the sale agreement, Circuit City will pay it a $75,000 termination fee.

Competing bids are due by 4 p.m. ET on July 27. If qualified bids are received, an auction will be held on July 29.

Competing bids must include a $275,000 deposit, plus 10% of the amount by which the bid exceeds the stalking horse bid.

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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