CompUSA closing 126 stores, leaving Southern California, San Diego

CompUSA closing 126 stores, leaving Southern California, San Diego CompUSA, the Dallas-based consumer electronics retailer, said Wednesday that it is shuttering more than half its stores nationwide in the next 90 days — including all of its stores in Southern California. Experts estimate the closures could cost the state more than 3,000 jobs.
   In a statement issued late Wednesday, the firm said it will close a total of 126 stores in the United States as part of a 'comprehensive realignment' that will allow the firm 'to focus on initiatives that enhance its top performing locations.'
   Plans call for the closure of 29 CompUSA stores throughout the state, including retail outlets in Orange, Los Angeles, Riverside and San Bernardino counties. The firm will continue to operate eight stores in California, but none south of Bakersfield. The restructuring will leave CompUSA with 103 stores in 39 states and Puerto Rico.
   The announcement came as no surprise to many in the competitive consumer electronics industry, where CompUSA has been struggling against market leaders BestBuy and Circuit City for years. Discounters such as Wal-Mart, Target and Fry's Electronics have also hit the larger retail chains hard.
   CompUSA's restructuring also includes a recent overhaul of the senior management team and a $440 million cash infusion from U.S. Commercial Corp SA, a holding company controlled by Mexican billionaire Carlos Slim.
   CompUSA has been up for sale since the fall, when its Mexican parent company hired Credit Suisse, the investment banking firm, sought to explore strategic alternatives for the company.
   On Friday, the Dallas Morning News reported that six executives — including CompUSA’s chief information officer, executive vice president for merchandising and general counsel — had resigned or been asked to leave the company.
   On the same day, the company named a new chief financial officer and a new vice president for sales and operations.
   The company's chief executive, Roman Ross, was named to the top job in September. He worked previously with Philip Morris' Mexican affiliate, which is jointly owned by Grupo Carso SA, a related parent company also controlled by Slim.