CompUSA to Close Shop

CompUSA, the computer and gadget retailer controlled by Mexican billionaire Carlos Slim, announced yesterday that it had been sold to the Gordon Brothers Group, a restructuring and investment firm, for liquidation. The firm will close down CompUSA's remaining 103 stores after the holidays and sell some company assets, though the exact terms of the deal were not not disclosed. Active discussions are still underway to sell its technical services business, CompUSA TechPro, its online sales operation, CompUSA.com, and select stores in key markets.

However, the retailer has decided it'll stick around for one last holiday cash-in; as stated above, its remaining stores will stay open and staffed during the holiday season, offering discounts on computer and electronics ahead of the planned store closures. "An orderly and expedited wind-down and asset sale process is the best option for CompUSA and its creditors at this juncture," said Bill Weinstein, a Gordon Brothers principal who will be running CompUSA as its interim president.

Earlier this year, the company closed more than half of its U.S. retail stores in a bid to streamline operations and bolster margins at top-performing stores. Friday's sale did not come as a complete surprise to industry watchers. News reports have suggested that Slim -- who is among the world's wealthiest individuals -- was seeking to unload more of his interest in the company.

Thanks for the news tip, Jason H.

News source: Reuters
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