CompUSA to close remaining stores
This year will have been a dark one for CompUSA. In February, the consumer electronics store chain announced that it was closing down 131 stores across the United States. Nine and a half months later, the Wall Street Journal reports that Carlos Slim, the Mexican billionaire at the helm of the chain, has decided to throw in the towel and close down the remaining 100 stores. CompUSA's demise caps a rough year, with the company's yearly revenue falling from $4 billion last year to an expected $1.5 billion this year. According to industry executives quoted by the WSJ, the chain "has not been recently profitable."
CompUSA will stay open until the end of the year, during which time Boston-based retail store liquidator Gordon Brothers Group will supervise its operations. Gordon Brothers will oversee a piecemeal sale of the chain, as well. According to "people familiar with the situation" who talked with the WSJ, TigerDirect wants to purchase CompUSA stores and the CompUSA.com online business.