Say it isn’t so!
Under pressure from competitors like Best Buy, Fry’s Electronics, and Circuit City and burdened by over $100 million in unsaleable inventory, CompUSA announced the upcoming closure of more than half their retail outlets yesterday. Of 229 stores, 126 will close across the U. S. and Puerto Rico in the next sixty to ninety days to allow the Dallas based consumer electronics retailer to focus on top performing locations.
Chief Executive Officer Roman Ross said in a statement, “based on changing conditions in the consumer retail electronics markets, the company identified the need to close and sell stores with low performance or nonstrategic, old store layouts and locations faced with market saturation. The process began last week with the closing of four CompUSA stores and over the next 60-90 days, the company will close a total of 126 stores in the United States to focus on initiative that enhance its top performing locations .”
The closures come following a management shake up on February 23 by Mexican billionaire chain owner, Carlos Sim.
The company will get a $440 million cash capital infusion from U.S. Commercial Corp SA as part of it’s realignment strategy, while undertaking major expense reductions and a corporate restructuring.
Of course, as with any big store closure, the really big news here is … closeout specials!
A spokeswoman for CompUSA said sales would be limited to stock on hand at local stores. Unfortunately, the online clearance store won’t be used to advertise the discounted merchandise, so a trip to to a brick and mortal outlet is an absolute must to get your hands on gear and gadgets available at fire sale prices.
How do you know if your local CompUSA is one of 129 being liquidated? If your store isn’t on this updated list of store locations, it is.