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Bell Canada Buys The Source Retail Chain from Circuit City

Date: 3/18/2009 12:07:36 PM

Telecommunications giant, Bell Canada, has announced plans to purchase all 750 Canadian outlets of ‘The Source’ from Circuit City.

This acquisition will support Bell’s “strategic imperatives to accelerate wireless and leverage momentum in services like Bell TV, Bell Internet, and Bell Home Phone,” according to the company’s CEO, George Cope.

The deal, described as “daring yet risky” by one analyst, will be completed by the third quarter of this year. Bell has not released any financial details, except to say that it bought The Source for “considerably less” than the $334-million which Circuit City paid in 2004.

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