CompUSA Cuts Store Count by More Than Half
American CR retailer CompUSA announced Wednesday that it plans to close more than half of its stores, dropping from 229 locations to 103. The move came as the result of continuing competition in the electronics retail market, following a Circuit City downsizing in January.
The closure process began last week and will continue over the next two to three months, the company said. The stores sold will be those with low performance, antiquated store layouts, or saturated locations. CompUSA, which is owned by Mexican tycoon Carlos Slim, will close six of its seven stores in the Boston area, and also abandon its last remaining locations in the Minneapolis-St. Paul and Kansas City markets.
Liquidation sales are likely in some areas. The retailer also announced the receipt of a $440 million cash infusion, from an undisclosed source.