Circuit City Buys Assets of 800.com
Electronics giant takes over Web site, acquires online retailer's customer database.
Online electronics retailer 800.com, which closed its operations on Thursday, has agreed to sell "certain key assets" to retailing giant Circuit City (QUOTE NYSE:CC>. The sale includes 800.com's customer database and various other marketing elements. Financial terms of the agreement were not disclosed.
Beginning today, traffic coming to 800.com will be redirected to CircuitCity.com.
"Given the harsh economic climate, continuing to operate independently is no longer viable. We feel that the sale of significant elements of 800.com to a recognized industry leader such as Circuit City is the best possible outcome for our loyal customers and prospects," said Greg Drew, chief executive officer, president and founder of 800.com.
Established in November 1997, 800.com was a specialty retailer of electronics, movies and music, and an authorized retailer for more than 80 leading brands, including Sony, Panasonic, Toshiba, Pioneer, JVC, Kenwood, and Nikon. Based in Portland, Oregon, 800.com enabled sales through its Web site and catalogs, offering over 300,000 products in 100 categories.
"Over the years, 800.com has delivered outstanding customer service over the Internet and established a large customer base that appreciates and expects that level of service," said W. Alan McCollough, president and chief executive officer of the Richmond, Va.-based Circuit City, the nation's second largest consumer electronics speciality retailer.