The Source (retailer)
From Wikipedia, the free encyclopedia
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| Type | Subsidiary |
|---|---|
| Founded | 2005 (as The Source by Circuit City) |
| Headquarters | Barrie, Ontario, Canada |
| Key people | Ron Cuthbertson CEO |
| Industry | Retail |
| Products | Electronics |
| Parent | Bell Canada |
| Subsidiaries | None |
| Website | www.thesource.ca |
The Source (French: La Source), formerly known as RadioShack and later The Source by Circuit City, is an electronics retailer with over 800 locations across Canada. Originally part of the American RadioShack chain, The Source is currently operated by Bell Canada, which purchased the assets of InterTAN from bankrupt parent U.S. retailer Circuit City in 2009. The company is based in Barrie, Ontario.
The Source also includes some stores previously operated by InterTAN under separate banners such as Battery Plus, THS Studio, UpClose, and G-Wiz. The company continues to operate one location under the THS Studio banner in Barrie.
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[edit] Background
The Source began as the Canadian branch of Radio Shack (later CamelCased as "RadioShack"). The Canadian chain was originally owned by Radio Shack (U.S.)'s parent company Tandy Corporation, but was later spun off, along with the rest of Tandy's international operations, as InterTAN. A licensing agreement with what became RadioShack Corporation allowed InterTAN to continue to use the chain's name and logo.
In May 2004, InterTAN was acquired by Circuit City Stores Inc. One week after the acquisition was completed, RadioShack Corporation filed a lawsuit in the 352nd Judicial District Court in Tarrant County, Texas to end the licensing agreement. RadioShack Corporation claimed that InterTAN had breached the terms of their agreement. On March 24, 2005, the district court judge ruled in favour of RadioShack and cancelled the agreement. The ruling prohibited InterTAN from using the brand name on their stores or in any of their products, packaging, and advertising after June 30, 2005.
On April 26, 2005, Circuit City announced that the stores would be renamed The Source by Circuit City. The rebranding process was completed in the majority of the chain's Canadian stores by July 1, 2005. Even the Radio Shack brand names on the products in the store were changed to Nexxtech and Centrios.
In February 2007, The Source announced it would close down 62 low volume stores across Canada. On March 30, 2007, Circuit City announced to its shareholders that it was seeking options including selling off the InterTAN/The Source subsidiary to cut losses. On November 10, 2008, InterTAN sought out protection from its creditors, after Circuit City filed for bankruptcy protection under Chapter 11.
Circuit City announced on January 16, 2009, that its namesake U.S. stores would be liquidated. The Source was not affected by the announcement, and a process followed to sell the Canadian operations as a going concern.[1]
On March 2, 2009, Canadian telecommunications firm Bell Canada announced it would acquire The Source and continue to operate it as an independent division. The acquisition was completed July 1 for the final purchase price of $135 million dollars US, following which the chain removed the "by Circuit City" from its name. Bell will begin selling its full range of communications services through The Source beginning in January 2010, when the chain's exclusivity agreement for wireless products with Rogers Communications expires. The Source will also continue to sell a full array of consumer electronics products.[2][3]
[edit] Product Range
The Source currently stocks a wide array of products. Most of the products are consumer electronics, including: Televisions, DVD Players, Home Theater Systems, Clock Radios, Cellular Phones, Cordless & Corded Home Phones, Toys, Console Gaming Equipment, Cabling Solutions (such as HDMI, DVI, RCA, Component, Composite, VGA, S-VIDEO, USB, SERIAL, etc), ROGERS & BELL Cable TV services, MP3 Players (iPods, Sony, Zune) as well as a massive selection of Headphones.
[edit] References
- ^ Marina Strauss, "Circuit City's The Source to remain open", globeandmail.com, January 16, 2009
- ^ Simon Avery, "Bell Canada snaps up The Source", globeandmail.com, March 2, 2009
- ^ "Bell to acquire national electronics retailer The Source", March 2, 2009
[edit] External links
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