As part of its plan to realign the organization, CompUSA has announced a comprehensive strategy to improve the company’s financial status. The realignment includes a cash infusion, store closures, major expense reductions and a corporate restructuring.
As part of CompUSA’s realignment strategy, the company will receive a $440 million cash capital infusion. The financial boost will be designated to improve the company’s balance sheet.
“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. The process began last week with the closing of four CompUSA stores and over the next 60-90 days, the company will close a total of 126 stores in the United States to focus on initiatives that enhance its top performing locations,” said Roman Ross, chief executive officer, CompUSA, in the press release.
CompUSA says these moves will allow the company to focus its efforts and ensure a strong presence in its 103 stores in 39 states and Puerto Rico.
Press release (.doc) here.
First order of business: You CompUSA dunces might want to try releasing news in a format other than the proprietary Microsoft Word (.doc) format. The fact that you do such an ignorant thing speaks volumes.
MacDailyNews Note: To find out the fate of CompUSA locations in your area, click here. If your location is not shown in the list of stores, it will be closed within the next 90 days and applications at your local fast food joints will skyrocket.
CompUSA shuffles management, closes four stores (100 stores may close this year) – February 27, 2007
CompUSA 230-store chain reportedly for sale – September 13, 2006
Apple and Circuit City team up for new Mac pilot program; Apple may pull out of CompUSA – September 06, 2006