Bell announced today that it is acquiring more than 750 The Source locations here in Canada. Bell is buying the chain from Circuit City Stores, Inc. which declared bankruptcy in the United States in November 2008.
“The Source is a respected leader in consumer electronics retailing right across Canada. Its acquisition supports Bell’s strategic imperatives to accelerate wireless and leverage momentum in wireline services like Bell TV, Bell Internet and Bell Home Phone,” said George Cope, President and CEO of Bell and BCE.
By next January, The Source will offer all of Bell’s consumer services, including Bell Mobility, Solo Mobile and potentially Virgin Mobile wireless products and services, Bell TV’s High Definition television services, high-speed Bell Internet, and Bell Home Phone products. The Source will continue to operate independently from Bell and is expected to continue to carry a broad range of communications, computing and audio products. I suspect you will no longer see Rogers Wireless at The Source though (especially after their exclusive runs out at the end of the year).
Bell did not disclose the terms of the acquisition but it is expected to close in Q3 2009.