Shutters down on CompUSA
Well know computer retail chain CompUSA, based in Dallas decided on Friday to shut down its stores after winding down. The retail chain which has been suffering huge losses recently was sold to an affiliate of the Gordon Brothers Group- Specialty Equity. The chain like its parent company- the U.S. Commercial Corporation S.A.B. de C.V, a Mexican service providing company is in dire straits. The stores of the chain will be open during the holiday season but shall close shop soon. The move has been brought about by a radical fall in sales which was expected to be at the $ 1.5 billion mark compared to the $ 4 billion sales last year. The retail chain was suffering losses due to pressure from other bigger chains and was forced to close down more than half its stores in February. The remaining 103 stores are to close by the end of the year. The chain consistently sold computers at 10% less than rival BestBuy.
The rumour that the chain was going to go into liquidation has been spoken about for the past week and was finally confirmed by the Wall Street Journal on Friday.
The chain plans to hold inventory clearance sale which bodes well for customers who may get in some Christmas shopping and buy the latest computer for a loved one.
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