Saturday December 08, 2007

CompUSA closes shop

news.com :

The embattled electronics retail chain was dealt its final blow Friday [7 Dec 2007] when it was sold to Specialty Equity, an affiliate of private equity firm Gordon Brothers Group. Terms of the transaction were not disclosed, but the immediate result is that Specialty Equity will close all 103 CompUSA stores in the United States, according to a press release issued late Friday.

Gordon Brothers will "initiate an orderly wind-down" of each of the stores, the company says. CompUSA will remain open through the holiday shopping season, presumably with "Everything Must Go!"-style signs. It was clear all was not well at the retailer when in March it closed half of its stores due to pressure from bigger chains like Best Buy and Circuit City.

See also :

1. CompUSA closing more than 50% of stores
2. Circuit City to cut more than 3500 jobs

(2007-12-08 12:41:35 SGT) [Biz] Permalink

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