CompUSA to Close More Than Half of U.S., Puerto Rico Locations

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Date: Thursday, March 1st, 2007, 09:40
Category: News

compusa.gif
Nationwide retailer CompUSA has announced that it will close more than half of its brick and mortar computer and eletronics stores in the next two to three months.
In a statement issued Tuesday, the chain stated that it would shutter 126 of its 225 stores in the United States and Puerto Rico as part of a massive restructing effort unveiled last Friday according to Macworld News. The consolidation will accompany a US$400 million cash infusion as well as other expense reductions. CompUSA has not declared the source of the cash infusion.
“Based on changing conditions in the consumer retail electronics market, the company identified the need to close and sell stores with low performance or nonstrategic, old store layouts and locations faced with market saturation,” Roman Ross, CompUSA’s CEO, said in a statement.
The chain is currently controlls by Mexican billionaire Carlos Slim Helu’s Grupo Carso SA conglomerate, which took control of and privatized the computer chain back in 2000.
Retail may be facing hard times in general as rival Circuit City has announced that it will close eight of their stores in the United States as well as 62 locations in Canada. Tight profit margins were to blame, the company specifying this issue especially where flat-panel televisions were concerned.


compusa.gif
Nationwide retailer CompUSA has announced that it will close more than half of its brick and mortar computer and eletronics stores in the next two to three months.
In a statement issued Tuesday, the chain stated that it would shutter 126 of its 225 stores in the United States and Puerto Rico as part of a massive restructing effort unveiled last Friday according to Macworld News. The consolidation will accompany a US$400 million cash infusion as well as other expense reductions. CompUSA has not declared the source of the cash infusion.
“Based on changing conditions in the consumer retail electronics market, the company identified the need to close and sell stores with low performance or nonstrategic, old store layouts and locations faced with market saturation,” Roman Ross, CompUSA’s CEO, said in a statement.
The chain is currently controlls by Mexican billionaire Carlos Slim Helu’s Grupo Carso SA conglomerate, which took control of and privatized the computer chain back in 2000.
Retail may be facing hard times in general as rival Circuit City has announced that it will close eight of their stores in the United States as well as 62 locations in Canada. Tight profit margins were to blame, the company specifying this issue especially where flat-panel televisions were concerned.

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