Comp-USA is closing over HALF of it's stores

In sad news, a breaking story all over the web is the decsion by the owners of the national retail chain of computer stores called 'Comp-USA".

I have been buying stuff at Comp-USA for at least 15 years and have known people who worked there.  The store that I go to in Redondo Beach on Hawthorne Blvd next to the South BAy Galleria, has been there since the early 90's and used to be further up Hawthorne Blvd. in Torrance, CA.

Here is Comp-USA's official 'Realignment Strategy' announcement:

 

DALLAS, Feb. 27, 2007 - As part of its plan to realign the organization, CompUSA today 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.

CompUSA will continue to offer products and services at 1-800-CompUSA and online at compusa.com, providing more than 80,000 items for consumers and small and medium businesses, along with top-notch technical service from CompUSA TechPro.

Today's announcement allows the company to focus its efforts and ensure a strong presence in its 103 stores in 39 states and Puerto Rico.

I , for one, am sad to learn of this, because the store in Redondo Beach is on the list of stores slated for closure and this is the store where I have gone to the Midnight Madness events for the release parties of Windows 95, Windows 98, Windows XP, and just a few weeks ago, the release of the long-awaited Windows Vista.

The end of an era is upon us, I fear.  *sigh*.