The Channel logo

News

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." ®

alert Send corrections

Opinion

Houses of Parliament in night-time

Andrew Orlowski

Come on everybody, let's upload all our stuff into Government by Cloud
Joe Tucci EMC
frustration_anger_irritation_annoyance pain

Felipe Costa

Pressure to perform for stock market bearing down on disties
Columns of coins in the cloud

Michael Cote

Anything that simple to use has got to be complex to set up

Features

Alistair Darling and Alex Salmond debate Scottish independence
You keep the call centres, Hamish, we'll take the banks
Internet of Things
Everyone loves those Things, just not on each others' terms
No email? No CRM? No Daily Mail iPad edition? You need a plan
Sinofsky's hybrid strategy looks dafter than ever