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Sunday, February 25, 2007

CompUSA Closing 100 Stores

CompUSA will close 100 stores this year, according to an industry insider speaking to us under conditions of anonymity. Currently, CompUSA has 229 stores.

Hammered by competition from Best Buy, Wal-Mart, Circuit City, and internet retailers, and burdened by over $100 million in unsalesable store inventory, Mr. Slim evidently thinks CompUSA's chances at recovery too narrow.

News of the shuttering comes after recent corporate restructuring, and a swirl of rumors in recent weeks about the ailing retailer. One was that CompUSA might get a $400 million-plus infusion from Mr. Carlos Slim, Mexican billionaire chain owner. Another one posited that the retailer might buy, or be bought by, Tiger Direct.

This bodes well for shoppers. Can we say fire sale?

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