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  1. #1
    Good Enough Vince G.'s Avatar
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    09.21.15 @ 04:44 PM
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    Default CompUSA Shuts Down...

    CompUSA to close all stores

    Mexican billionaire Carlos Slim will shutter the last 100 CompUSA stores and exit the U.S. consumer-electronics market after a round of holiday discounts to get rid of inventory.

    By The Wall Street Journal

    Mexican telephone and retail magnate Carlos Slim, in a rare defeat, will exit the U.S. consumer-electronics market, shutting the last 100 CompUSA stores after sinking about $2 billion into the business.

    Stores will remain open through the end of the year under the supervision of Gordon Bros., a retail-store liquidator, which will also oversee a piecemeal sale of CompUSA, negotiating the sale of real estate and other assets. Two law firms were hired to represent creditors, CompUSA said.

    "An orderly and expedited wind-down and asset sale process is the best option for CompUSA and its creditors," Bill Weinstein, a principal at Gordon Bros., said in a statement. Weinstein was named interim president of the firm.

    CompUSA has not been recently profitable, industry executives said. The company did an estimated $4 billion in annual sales last year, but with the closure of more than half of its stores in February, sales were expected to shrink to about $1.5 billion this year.

    Slim, the powerful chairman of Telefonos de Mexico (TMX, news, msgs) and operator of a string of retail businesses in Latin America, has long coveted a big name in the U.S. retail market. He took his first stake in the business in 1999 and expanded the business through acquisition. After taking a minority stake in the retailer, he later spent $800 million to take the company private.

    In 2003, CompUSA acquired California consumer-electronics chain The Good Guys. In 1998, he purchased Computer City from Tandy.

    The retailer has struggled for years, hurt first by competition from direct personal-computer sellers such as Dell Inc. (DELL, news, msgs) and more recently by intense competition in consumer electronics. Bigger rivals such as Best Buy (BBY, news, msgs) and Wal-Mart Stores (WMT, news, msgs) have been able to offer greater selection and lower prices for flat-panel televisions and other consumer-electronics gear.

    Turnaround effort fails
    As reported, CompUSA had been in discussions with rivals about selling parts of its retail holdings, and a spokesman for the new management says the talks are ongoing.

    "Active discussions are under way to sell select stores in key markets as well as the company's highly-regarded technical services business," CompUSA said in its statement.

    People familiar with the situation have said that CompUSA has been talking to TigerDirect, an arm of Systemax, a Port Washington, N.Y., marketer of PCs and electronics, with TigerDirect buying stores and the Internet operations of CompUSA.com. In addition, CompUSA has held talks with an Ohio company, Micro Electronics, about the sale of about 10 stores.

    In early 2003, Slim made an unsolicited $1.5 billion bid for Circuit City after accumulating about a 9.2% stake in the company. He later sold the shares after being rebuffed by the Circuit City board. Since then, he has pursued investments in retail outside the United States, recently opening the first Saks department store in Mexico City under a license with Saks.

    In February, CompUSA announced plans to shutter 126 stores and accepted a cash infusion from U.S. Commercial, a unit of Slim's holding company, Grupo Carso. The money was intended to finance a turnaround effort that targeted small businesses and affluent consumers.
    "Think of how stupid the average person is, and realize half of them are stupider than that."

    "This is a lttle prayer dedicated to the separation of church and state. I guess if they are going to force those kids to pray in schools they might as well have a nice prayer like this: Our Father who art in heaven, and to the republic for which it stands, thy kingdom come, one nation indivisible as in heaven, give us this day as we forgive those who so proudly we hail. Crown thy good into temptation but deliver us from the twilight's last gleaming. Amen and Awomen. ."

    "I think it's the duty of the comedian to find out where the line is drawn and cross it deliberately."

    -George Carlin 1937 - 2008

  2. #2
    Good Enough KRAMER5150's Avatar
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    08.22.16 @ 01:33 PM
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    if they did'nt act like all knowing assholes when you go in there they would probally be a good company
    I used to wonder why he was grinning all the time(Michael Ian Black talkin about EVH on VH1 I love the 80's) but then i realized the reason he's grinning is because he's Eddie F*#king Van Halen

  3. #3
    Atomic Punk
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    12.11.17 @ 04:37 PM
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    Default

    Sweet!
    I might be able to get a deal on some surplus Leading Edge 386 desktops!
    "Watch what people are cynical about, and one can often discover what they lack. -- Gen. George S. Patton

  4. #4
    Sinner's Swing!
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    Quote Originally Posted by KRAMER5150 View Post
    if they did'nt act like all knowing assholes when you go in there they would probally be a good company
    That's the truth. The last time I was at a CompUSA (2003), the clerk I dealt with acted like an MIT grad with his recommendations, dazzling me with his details when I asked for a recommendation on hard-drives. I kept thinking, "if you're so smart, why are you working at a job that is but a notch above a burger flipper?"

  5. #5
    Good Enough Vince G.'s Avatar
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    09.21.15 @ 04:44 PM
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    Quote Originally Posted by looper_guy View Post
    That's the truth. The last time I was at a CompUSA (2003), the clerk I dealt with acted like an MIT grad with his recommendations, dazzling me with his details when I asked for a recommendation on hard-drives. I kept thinking, "if you're so smart, why are you working at a job that is but a notch above a burger flipper?"
    HA! Too funny...

    Pretty amazing when my 13 year old son knows more about computer systems than the douchebags that work at places like CompUSA, Best Buy, Circuit City, etc.
    "Think of how stupid the average person is, and realize half of them are stupider than that."

    "This is a lttle prayer dedicated to the separation of church and state. I guess if they are going to force those kids to pray in schools they might as well have a nice prayer like this: Our Father who art in heaven, and to the republic for which it stands, thy kingdom come, one nation indivisible as in heaven, give us this day as we forgive those who so proudly we hail. Crown thy good into temptation but deliver us from the twilight's last gleaming. Amen and Awomen. ."

    "I think it's the duty of the comedian to find out where the line is drawn and cross it deliberately."

    -George Carlin 1937 - 2008

  6. #6
    Atomic Punk ZeoBandit's Avatar
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    12.14.17 @ 05:57 AM
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    Donor

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    I thought they were gone already
    "What we are dealing with here, is a complete lack of respect for the law" - Jackie Gleason, Smokey and the Bandit

    www.geocaching.com - The site where you are the search engine.

  7. #7
    PM Goo with your concerns OLO's Avatar
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    12.16.17 @ 04:51 PM
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    Default

    Comp USA shut the Seattle area stores down about a year ago.
    ((Just My Two Cents))
    And thats about what its worth.

 

 

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