RETAIL CHAIN AND FORMER INDUSTRY LEADER CompUSA announced yesterday that they are starting immediately to liquidate their assets and close all remaining stores shortly after the first of the year.
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The company began in 1984 as the first software mega-retailer Soft Warehouse. In 1991 they changed their name to CompUSA, added computers and hardware to their stock, and bought out the Tandy’s Computer City chain from Radio Shack.
In 1999 Mexican multi-billionaire Carlos Slim Helu bought the entire company and since then has sunk $2 billion into the venture. But falling computer prices and tough competition proved too much for the firm. This spring they closed over half of their stores in a re-structuring attempt. This month they decided to pull the plug and wind it down.
They have sold the assets to a retail liquidating firm which plans to hold a “store closing” sale from now through to the end of the year.
The Dallas Morning News has the full STORY.
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