CompUSA to close all of its 103 stores

[Premonition]

The consumer electronics store will run store-closing sales during the holidays to get rid of inventory.

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).

Helu took the company private in 2000. The chain went through several CEOs and tried different turnaround strategies, such as a move this year to focus on core customers such as gadget users and small-business owners.

CompUSA closed more than half its stores this spring and got a cash infusion of $440 million to restructure.

During the wind-down, Weinstein and Stephen Gray, managing partner at CRG Partners, will run the company. The chain's current chief executive, Roman Ross, will serve in an advisory role, CompUSA said.

DJM Realty, a Gordon Brothers Group affiliate, will review leases of CompUSA's store locations

http://money.cnn.com/2007/12/07/technology/compusa.ap/


Might be some crazy deals here, if you have 1 near you.

[BlackArrow]

I had two near me and went to their closing sales in the spring. You have to be very careful. They marked most of it as 30-50% off the price and yet I found many items still cost more than I could buy them elsewhere.

There were a few deals, but just make sure you compare.

[Rand{CLR}]

I was just going to post this, you...you... :P

BA is right, even at "discounts" their prices are more expensive than Best Buy and Amazon, to say nothing of Newegg. However, there are deals to be found. I picked up a lot of stuff at a fantastic discount in the first round of major closings, including a Game Boy Advance at more than $20 off retail (which the other sites don't go down to), some games and such for less than 10 bucks, etc.

My wife is looking for some sort of small LCD HDTV now. I'm going to tell her to check out the CompUSA near where she works. It's the non-computer hardware products that get the best discounts when a CompUSA store closes, so keep that in mind.

You all may want to check out K-B Toys too. Most of them are closing this season. I'm hoping Toys R Us can hang on. People need to STOP BUYING TOYS at Walmart. They don't have nearly the selection, and they're driving TRU out of business. But if local TRUs close, they have excellent deals. I picked up a sweet 2,000 piece Lego AT-ST for 60% off at one last year, and Legos almost never go on sale.

-Rand

[darth_nevus]

Here's an update:

http://online.wsj.com/article/SB119706842364217640.html

It appears Tiger Direct is looking to buy the remaining compusa stores, as well as their online aparratus, compusa.com.


Could this mean a Will Call shop for PC parts from Tiger Direct near you?

People familiar with the situation have said that CompUSA has been talking to TigerDirect, an arm of Systemax Inc., a Port Washington, N.Y., PC maker and electronics marketer, buying stores and CompUSA.com Internet operation. In addition, it has held talks with Hilliard, Ohio, based Micro Electronics Inc. about the sale of about 10 stores.

[ViTO]

Does anyone live near a Micro Center ??

I was in one of those once, they kicked Comp USAs ASS.

[drunken_chef]

Does anyone live near a Micro Center ??

I was in one of those once, they kicked Comp USAs ASS.

i do, they're ok. but, for me, i live closer to an online shop that does will call.

[ViTO]

Does anyone live near a Micro Center ??

I was in one of those once, they kicked Comp USAs ASS.

i do, they're ok. but, for me, i live closer to an online shop that does will call.

I wouldn't buy anything there but they seem to have alot more of the latest hardware out so you can actually touch it !! Before you buy it online of course...