Circuit City's Canadian unit receives court protection
TORONTO (Reuters) - InterTAN Canada, Circuit City Stores Inc's Canadian operation, was granted creditor protection by the Ontario Superior Court of Justice on Monday.
InterTAN, which operates or licenses 772 electronics stores and dealer outlets in the country under the banner The Source by Circuit City, appeared before the Ontario court hours after its U.S.-based parent company and 17 affiliates filed for Chapter 11 protection from creditors.
Under the court agreement, the Canadian stores will stay open and fully staffed and the company will continue to pay its employees. The company will also honor all customer programs.
(Reporting by Scott Anderson)
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