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CompUSA To Shut 15 Stores In 11 Markets

8/07/2006 02:00:00 AM Eastern

CompUSA has announced the closing of 15 store locations in 11 U.S. markets over the next 60 to 90 days.

“As we continue to evaluate and analyze our business, we have identified a small number of under-performing stores,” CEO Tony Weiss said in a prepared statement.

Six of the stores are in California, while one store will be closing in each of the following states: Arizona, Georgia, Illinois, Michigan, Missouri, New York, Tennessee, Texas and Washington.

“While it is a very difficult decision to make because of the effect it will have on our team members, it has become apparent that neither relocation nor cost-cutting tactics will help solve the issue. Closing these stores will allow us to focus our strategy in markets where our stores are flourishing and have the opportunity to continue on a growth path,” Weiss said.

CompUSA recently opened stores in Puerto Rico and Hawaii.

The move comes at a time when Comp- USA is implementing expanded home entertainment selections in multiple West Coast markets and in Orlando, Fla. This focus on home entertainment is in direct response to increasing customer demand in this segment, the company said.

In June TWICE reported that Comp- USA was expanding its A/V assortment with more brands and models, and rolling out a new format to house them. Plans call for about 100 of CompUSA's soon-to-be 225 locations to be converted to the new format this year. Two retrofitted stores were performed in May in Orlando and nearby Altamonte Springs, Fla.

Also as previously reported, the new A/V sections will grow from 800 square feet to upwards of 3,200 square feet and feature such brands as Bose, LG, Mitsubishi, Niles, Pioneer and Samsung.

“For more than 22 years, technology has been our core focus,” Weiss said. “This strategy and focus will allow us to continue providing that value everyday.”

CompUSA has contracted with Gordon Brothers Retail Partners to act as the agent to conduct store-closing sales.

According to the TWICE Top 100 Consumer Electronics Retailers report, during calendar year 2005 CompUSA was ranked as the seventh largest retailer in the industry with $4.06 billion in sales, a gain of 6.3 percent.

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