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By | Drew Cullen 28th February 2007 18:43

CompUSA jettisons 126 stores

$440m cash injection

CompUSA today sounded the Big Retreat, announcing plans to close more than half of its US stores.

The lossmaking PC retailing giant is to restructure at a corporate level and promises "major expense reductions". It has a secured a $440m cash injection from an unspecified source to shore up its balance sheet. Post re-org, the company will have 103 stores in 39 states and Puerto Rico.

Quote time, from Roman Ross, CompUSA's boss. "Based on changing conditions in the consumer retail electronics market, the company identified the need to close and sell stores with low performance or non strategic, old store layouts and locations faced with market saturation [and] focus on initiatives that enhance its top performing locations." ®

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