Carlos Slim, currently the world's richest person, may be looking to get rid of even more computer stores from the U.S.-based retailer he owns, CompUSA.Back in the first quarter of 2007, the struggling retailer announced plans to close half its stores as it was losing business to larger retailers like Best Buy (NYSE: BBY) and Circuit City Stores (NYSE: CC). With CompUSA down to about 100 stores in the U.S., competitors have already been approached about buying existing stores, according to reports.
Slim took his first equity position in the computer and consumer electronics retailer back in 1999, pouring in $2 billion in investment money. Since then, it's hard to see if Slim has made money on that investment or has become frustrated at the company's financial performance and wants to get out completely. The first large sign was in March when the retailer said it would be closing the doors on half its stores.
CompUSA responded to competitive threats in recent years by expanding beyond PCs and into home electronics and flat-panel televisions. In perfect timing, the prices for flat-panel televisions went south and the margin CompUSA was looking for evaporated. With CompUSA's annual revenue shrinking from 2006's $4+ billion to this year's $1.5 billion, the chain most likely has limited days in front of it.
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