Rumors of CompUSA's demise have been running around the
Internet for the past couple of days, but official confirmation has finally
come down from the top. The company announced yesterday that it was acquired by
an investment firm and that all of the company's businesses and assets would be
Under the terms of the deal, ownership of CompUSA will be
transferred from Mexican billionaire Carlos Slim to the Gordon Brothers Group.
"An orderly and expedited wind-down and asset sale process is the best
option for CompUSA and its creditors at this juncture," said Bill
Weinstein of the Gordon Brothers Group.
"We worked long and hard with Gordon Brothers Group to
achieve a business solution that maximizes CompUSA's assets," said CompUSA
CEO Roman Ross.
According to Bloomberg,
the Dallas-based company has courted Circuit City, Micro Electronics and
Systemax to purchase closing retail locations and acquire business operations including
CompUSA TechPro, CompUSA.com and CompUSA’s technical services division.
CompUSA lost $45.7 million USD during Q3 2007 on revenues
$424 million USD. The company has not been able to battle losses despite cash
infusions of $2 billion USD and $440 million USD in 1999 and early 2007
Those looking to take advantage of reduced prices on tech
gifts for friends and family many want to head down to your local CompUSA -- if
you still have one left. The company's remaining 103 stores will remain open
through the holiday season and will provide steep discounts on all remaining
CompUSA, under the direction of Carlos Slim, took drastic
steps to turn around its business. The company closed
126 underperforming stores nationwide in February. "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," said Ross in
Increasing competition from electronics
giant Best Buy, a reinvigorated Circuit City and retail
monster Wal-Mart left little room for error during CompUSA's restructuring
CompUSA has taken numerous hits over the years for its
business practices and its service. The company has also been nicknamed by many
techies as CompUSSR for its sometimes “shady” business practices. Most
recently, the company came under fire for its mail-in rebate promotions. The
Federal Trade Commission (FTC) stepped in and a more streamlined, paper-less
Internet-based system was introduced to aid consumers.
quote: What store sells Tuniq 120's? Asus top end mobo's and aisles of other mobos? A wall of fans and heat spreaders? Watercooling parts? There's no other B&M like that that I can think of.
quote: i hate fry's because their online prices and in-store prices are always different
quote: WTF kind of computer store doesn't have something like connectors and a crimper?
quote: CompUSA drove Computer City out of business, and now CompUSA is going out of business...
quote: This is just what the economy needs.
quote: Total nonfarm payroll employment continued to trend up (94,000) in November to 138.5 million, following little change in September (44,000) and a gain of 170,000 in October. In November, job growth continued in several service-providing industries, while employment in construction and financial activities declined. Manufacturing employment continued to trend down. (See table B-1.) Employment in professional and technical services grew by 24,000 in Novemberand has risen by 312,000 over the year. In November, job gains continued incomputer systems design and related services (12,000) and in management andtechnical consulting services (6,000). Health care employment continued to grow, but the gain of 15,000 in Novemberwas less than half the average increase (34,000) for the prior 12 months. InNovember, hospitals and offices of physicians added 8,000 and 7,000 jobs, re-spectively. Employment in social assistance increased by 10,000 in Novemberand by 94,000 over the year.
quote: Unemployment (Household Survey Data) The number of unemployed persons (7.2 million) was about unchanged in November, and the unemployment rate was 4.7 percent for the third month in a row . A year earlier, the number of unemployed persons was 6.8 million, and the jobless rate was 4.5 percent. (See table A-1.) Unemployment rates for the major worker groups--adult men (4.1 percent), adultwomen (4.1 percent), teenagers (16.3 percent), whites (4.2 percent), blacks (8.4percent), and Hispanics (5.7 percent)--showed little or no change in November.The unemployment rate for Asians was 3.6 percent, not seasonally adjusted. (Seetables A-1, A-2, and A-3.)Total Employment and the Labor Force (Household Survey Data) In November, total employment increased by 696,000 to 146.7 million. The em-ployment-population ratio rose by 0.3 percentage point to 63.0 percent; it wasstill below its most recent peak of 63.4 percent in December 2006. The civilianlabor force rose to 153.9 million over the month, and the labor force participa-tion rate edged up to 66.1 percent . (See table A-1.)Persons Not in the Labor Force (Household Survey Data) Nearly 1.4 million persons (not seasonally adjusted) were marginally attachedto the labor force in November, about the same as a year earlier .
quote: The number of unemployed persons (7.2 million) was about unchanged in November, and the unemployment rate was 4.7 percent for the third month in a row . A year earlier, the number of unemployed persons was 6.8 million, and the jobless rate was 4.5 percent. (See table A-1.)
quote: unprecedented international growth boosting our exports
quote: the unemployment rate has increased by 0.2%.
quote: I don't understand that statement. Are you trying to whitewash how pitifully weak the dollar is right now, or am I misunderstanding you?
quote: Are you trying to whitewash how pitifully weak the dollar is right now
quote: In short, the US economy is having an off year. Which means it likely wouldn't increase the rate at which it is increasing. However, things really do look good for the next few years once this Credit Crises blows over and we get some domestic investor and consumer confidence back.
quote: but it never seemed to be enthusiast goods.
quote: The tax rate is based on where your purchase is being delivered or picked up. We are required by law to charge all applicable state and local taxes for the order's destination. Best Buy is required to collect tax in all states where we have a physical presence. You can estimate your tax by using our zip code cost calculator. You'll see the actual amount during the checkout process.
quote: 2-year in-store no questions-asked warranty for about as good as I could possibly do from ANY online retailer
quote: Increasing competition from electronics giant Best Buy, a reinvigorated Circuit City and retail monster Wal-Mart left little room for error during CompUSA's restructuring phase.