Judge OKs sale of Circuit City's Canadian assets

Richmond, Va. A U.S. Bankruptcy Court judge on Friday approved the sale of Circuit City Stores’ Canadian operations to telecommunications company Bell Canada.

The companies had announced earlier this month that Bell Canada agreed to buy InterTAN Canada, which operates about 750 The Source by Circuit City stores in Canada, most of them former RadioShack locations.

With Friday's ruling, both the U.S. and Canadian courts have approved the sale. Financial terms were not disclosed and the sale is expected to close at the end of June.

Bell Canada has said it wants to use the stores to carry a range of consumer services, such as Bell Mobility and Solo Mobile cell phones, as well as television, Internet and phone products.

The Source stores will continue to operate independently from Bell.

Circuit City closed its 567 remaining U.S. stores on March 8 and has laid off about 34,000 workers since filing for Chapter 11 bankruptcy protection in November. Its Canadian operations filed for similar protection.