CompUSA today announced that it has been acquired by an affiliate of Gordon Brothers Group, LLC, a global advisory, restructuring and investment firm specializing in retail, consumer products, real estate and industrial sectors. Terms of the transaction were not disclosed.
Gordon Brothers Group will initiate an orderly wind-down of CompUSA's retail store operations and is engaged in discussions with various parties regarding the sale of certain assets. CompUSA's 103 retail stores will remain open and staffed during the holiday season, and will offer consumers attractive bargains on computer and electronic products as part of store closing sales.
Active discussions are under way to sell select stores in key markets as well as the company's highly-regarded technical services business, CompUSA TechPro, and its productive Internet sales operation, CompUSA.com. CompUSA TechPro and CompUSA.com will be operated by the company as going concerns until any sale transactions are closed.
CompUSA will be run by Bill Weinstein, a Principal at Gordon Brothers Group, acting as Interim President, and by Stephen Gray, Managing Partner at restructuring firm CRG Partners, who will serve as Chief Restructuring Officer. Current CEO Roman Ross will continue to serve the company in an executive advisory capacity during the transition period.
Earlier this year, CompUSA already closed more than half of its US retail stores as part of an initiative to streamline the company.