Another One Bites The Dust

12.13.2007

DL.TV reports that CompUSA is closing it's doors.

In the segment in the side bar Roger Chang of DL.TV and Veronica Belmont of Mahalo Daily discuss the closing as well as thier opinion of other retailers in episode 208.

PCmag.com reports:

Venerable electronics retailer CompUSA has been sold to an affiliate of restructuring firm Gordon Bros., and will close all of its retail stores.
CompUSA did not give a timetable for the store closings, saying only that all 103 existing stores would remain open and staffed throughout the holiday season . Some stores will apparently be sold to other retailers.

However, Gordon Bros. said that consumers would be offered "attractive bargains on computer and electronic products as part of store closing sales. As discount shoppers discovered when CompUSA closed roughly half of its stores in March, Gordon Bros. initially raised prices, than sold off inventory -- including shelving, lighting, and furniture -- at pennies on the dollar.

CompUSA.com and CompTechPro will continue to be run by the company during the sale process. CompUSA will be run by Bill Weinstein, a principal at Gordon Brothers Group acting as interim president, and by Stephen Gray, managing partner at restructuring firm CRG Partners, who will serve as chief restructuring officer.

"An orderly and expedited wind-down and asset sale process is the best option for CompUSA and its creditors at this juncture," said Weinstein in a statement. "We are focused on assuring that CompUSA's creditors, landlords and other key constituents are treated properly during this process. We are working hard to achieve the maximum recovery possible for the company's constituents while also minimizing unnecessary expenses. We will actively communicate with the various parties and their advisors starting today, and in the days and weeks ahead."

The Village Geek reports "We are still here."