CompUSA to Close Half its Stores

CompUSA to Close Half its Stores
By BetaNews Staff, BetaNews
February 28, 2007, 11:14 AM
In a move aimed at helping the company "focus on initiatives that enhance its top performing locations," CompUSA announced Wednesday it would close 126 of its 229 stores as part of a restructuring plan. The closures began last week and would continue into the early part of the summer. The decision would likely impact Apple the most, which stands to lose two percent of its retail locations.
"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," CompUSA CEO Roman Ross said. In addition to the closing of stores, the retailer also said it received a $440 million cash infusion from an unnamed source.