DALLAS (AP) — Consumer electronics retailer CompUSA said Friday it will close its stores after the holidays following sale of the company to an affiliate of Gordon Brothers Group, a restructuring firm.
CompUSA operates 103 stores, which plan to run store-closing sales during the holidays. Privately held CompUSA, controlled by Mexican financier Carlos Slim Helu’s Grupo Carso SA, said discussions were under way to sell certain stores in key markets. Stores that can’t be sold will be closed. Gordon Brothers will also try to sell the company’s technical services business, CompUSA TechPro, and online business, CompUSA.com.
Terms of the transaction were not disclosed. Dallas-based CompUSA has struggled for nearly a decade with falling prices on personal computers, its most important product, and competition from big-box retailers such as Best Buy (Charts, Fortune 500).
Source: CNNMoney.com