Folks may recall January's news of U.S. electronics retailer Circuit City shutting down, with us left wondering what would happen to its Canadian subsidiary The Source.
The news in this week tells us wireless, digital TV, internet and home phone provider Bell will be capitalizing on the losses, buying the chain out and "enhancing [its] growth"; it will continue to operate as an electronics shop on top of carrying all of Bell's services.
The deal is expected to be finalized by Q3 of this year; no price has been disclosed as of yet.
"(The) acquisition supports Bell's strategic imperatives to accelerate wireless and leverage momentum in services like Bell TV, Bell Internet and Bell Home Phone," said George Cope, president and CEO of Bell and BCE.
Bell shares closed down 2.54 per cent Monday at $24.20.
The Source previously ran under the monkier of Radio Shack until it was bought by Circuit City in 2005.
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