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After Mexican billionaire Carlos Slim said Friday afternoon that he was looking to unload all he could from his investment in U.S. computer and electronics retailer CompUSA, the chain announced late Friday evening that it would sell itself to a private firm who would then shut down the entire chain by the new year.It's been a rocky road for CompUSA this year. The chain announced that it would close half its stores earlier this year on failing performance and heavy competition from Best Buy (NYSE: BBY) and online computer retailers. CompUSA will apparently be selling all inventory in all stores at fire-sale prices until the first of the year, so if you're looking for a computer or flat-screen TV bargain, better suit up.
Gordon Brothers Group LLC, a restructuring company, bought the chain for an undisclosed sum as of Friday. The company said it would sell or close all remaining 103 stores after eight years and $1.5 billion in investment by Slim. CompUSA will be considered one of Slim's few mistakes as it closes down for good this month. I can't imagine the lineup of secured creditors CompUSA may have right now, and hopefully the upcoming sell-off will produce a cash flow to send back to CompUSA's lenders. It's too bad that the retailer is shutting its doors after 23 years, but that's competition for you. Capitalism never rests.
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Reader Comments (Page 1 of 1)
12-10-2007 @ 11:48AM
Disappointed shopper said...
I am not surprised.
Every time I went to the store for an advertised sale item, the shelf was bare.
I stopped trying, and never went back.
I hate to see less competition, but don't disappoint your shoppers.