Computer and electronics retailer CompUSA announced on Friday that it would start winding down its retail operations after being acquired by an investment firm, which is looking to sell the company's business and assets.
Gordon Brothers Group LLC is discussing with different parties the sale of stores in key retail markets and CompUSA's other assets, including the Internet retail unit CompUSA.com and technical-support-services business CompUSA TechPro.
The retail stores that don't sell will be shut down, CompUSA said in a statement. The 103 stores will remain open during the holiday shopping season and provide heavy discounts on products.
The sale comes amid the financial struggles of CompUSA's parent company, Mexico-based holding company US Commercial Corp. SA de CV.
During the third quarter of 2007, the company reported a loss of 494.89 Mexican pesos ($45.7 million) on revenue of 4.6 billion Mexican pesos. The company also reported losses the previous two fiscal years.
Comments
Comment From: Jason
Posted on 12/9/07 at 11:10 PM
Good riddence!! Long live Newegg!!