CompUSA stores to close in New Year

Computer retailer CompUSA has been sold to the Gordon Brothers Group for an undisclosed fee, and the new owner plans to sell all 103 of the chain's stores and sell off additional company assets.

Around half of its stores had previously been closed and sold off by Gordon Brothers on behalf of CompUSA in a bid to try and turn the company's fortunes around, but that hasn't had enough of an effect to make it a viable venture in the long term.

According to a report on Reuters the remaining stores will stay open over Christmas and will offer discounts on all stock in a closing down sale, while discussions are ongoing over its other businesses, CompUSA TechPro, and CompUSA.com,

Roman Ross, CompUSA's CEO explained: "We worked long and hard with Gordon Brothers Group to achieve a business solution that maximizes CompUSA's assets," while Gordon Brothers' Bill Weinstein added, "An orderly and expedited wind-down and asset sale process is the best option for CompUSA and its creditors at this juncture."

The closure comes at a time when smaller chains such as CompUSA are feeling increasing pressure from US retail giants such as Best Buy and Wal-Mart, which can undercut prices by selling in larger volumes.