Compusa

CompUSA Inc., the largest U.S. personal computer retailer, said it expects losses in the fiscal third and fourth quarters because of slower-than-expected sales. Analysts had expected the Dallas-based retailer to earn 21 cents in the third quarter and 11 cents in the fourth. CompUSA made its announcement after the close of trading.

CompUSA Chief Executive Gilbert Fiorentino has agreed to resign and return $11 million in assets to the electronics retailer's parent company in the wake of a whistle-blower investigation. Systemax Inc., parent of Miami-based CompUSA and TigerDirect, announced Monday that it had reached an agreement with Fiorentino that calls for the surrender of 1.13 million shares of Systemax stock he owns and a payment of $480,000 in cash. The agreement also requires Fiorentino to disclose his and his immediate family's personal assets and forfeit undisclosed assets discovered by Systemax.

CompUSA Chief Executive Gilbert Fiorentino has agreed to resign and return $11 million in assets to the electronics retailer's parent company in the wake of a whistle-blower investigation. Systemax Inc., parent of Miami-based CompUSA and TigerDirect, announced Monday that it had reached an agreement with Fiorentino that calls for the surrender of 1.13 million shares of Systemax stock he owns and a payment of $480,000 in cash. The agreement also requires Fiorentino to disclose his and his immediate family's personal assets and forfeit undisclosed assets discovered by Systemax.

Consumer electronics retailer CompUSA Inc. said Friday that it would close its stores after the holidays after the sale of the company to an affiliate of Gordon Brothers Group, a restructuring firm. CompUSA operates 103 stores, which plan to run store-closing sales during the holidays. Privately held CompUSA, controlled by Mexican billionaire financier Carlos Slim's Grupo Carso, said discussions were underway to sell certain stores in key markets. Stores that can't be sold will be closed.

CompUSA said it will begin selling its own line of PCs through its stores and on the Internet, starting in the fall. Dallas-based CompUSA, the country's largest computer retailer, will launch a full line of build-your-own desktop computers in an attempt to capture a new market segment. CompUSA's new computers will go head-to-head against products by Dell Computer Corp., a fast-growing maker of low-priced business computers, and Gateway 2000 Inc., a mail-order personal computer distributor.

A cashier at a computer store was shot and killed Friday night, and one man was arrested, police said. The name of the dead woman was not immediately available. Police at the scene said they believe robbery was the motive. The shooting occurred about 10:30 p.m. behind the COMPUSA computer store at 9380 Warner Ave. Although details of the shooting were sketchy, the store's manager, Dave Hutchinson, said police called him at home and asked him to come to the store to open it up.

The Christmas shopping season began Friday and the technology boom that has been underway for several years remains in full swing, yet much of the computer retailing industry is bracing for the holiday blues. Sales of personal computers to consumers aren't growing like they were last year or the year before. Too many stores are battling for too few customers, wiping out already thin profit margins.

Zero hour arrived Thursday for software giant Microsoft Corp. and countless computer stores around Southern California and the world, with nocturnal parties, big crowds and special promotions ushering in the Windows 95 personal computer program. But even though fun seemed to be had by all at the retailers' midnight sales festivals--and at the VIP gala on the Microsoft campus outside Seattle--some signs were emerging that Windows 95 might not live up to the prodigious hype.

CompUSA Inc. said Tuesday that it would shut 126 stores -- more than half its outlets -- by the end of May because of tough competition in the retail consumer electronics market. The closings will leave 103 stores, the company said. CompUSA also said it would receive $440 million in additional capital in the restructuring. Chief Executive Roman Ross cited "changing conditions in the consumer retail electronics market" for the decision.

CompUSA Inc. said R. Stephen Polley, head of its Cozone.com Internet unit, is resigning just three months after the revamped Web site made its debut. The computer retailer did not name a successor. CompUSA's Cozone.com had 405,001 visitors in December and ranked 183rd among Web retailers, according to market-research firm Media Metrix Inc. CompUSA revamped its electronic-commerce offerings last year with the goal of becoming a leading online seller of PCs, printers and other technology products.

Ed Daddy wasn't very surprised that his neighborhood CompUSA computer and home electronics store was closing. "Look at this," the 43-year-old auto parts salesman said, gesturing around the nearly deserted Glendale store on South Brand Boulevard. "Of course they can't survive." The consumer electronics retail industry, marked by cutthroat competition, suffered more casualties this week.

CompUSA Inc. said Tuesday that it would shut 126 stores -- more than half its outlets -- by the end of May because of tough competition in the retail consumer electronics market. The closings will leave 103 stores, the company said. CompUSA also said it would receive $440 million in additional capital in the restructuring. Chief Executive Roman Ross cited "changing conditions in the consumer retail electronics market" for the decision.

CompUSA Inc. has announced plans to close its remaining Good Guys stores, two years after buying the electronics retailer. CompUSA will begin selling the high-end home entertainment products that Good Guys offered, said company spokeswoman Katie Means. On Tuesday, 11 Good Guys stores were shut down, and the remaining 35 locations -- all but one in California -- are scheduled to close in the next two months.

The nation's leading computer retailer, CompUSA Inc., has agreed to settle a government complaint that charged the company with deceiving consumers who bought computer products but failed to receive promised cash rebates from $15 to $100 each, the Federal Trade Commission said. The regulatory agency ordered Dallas-based CompUSA to overhaul its rebate programs. Court papers did not indicate how much money or how many customers might be involved.

Gateway Inc. is expected to announce today that it will begin selling computers this week through CompUSA Inc.'s network of 226 retail stores. The move is the latest push by Poway, Calif.-based Gateway into retail chains after the closure in April of its own nationwide network of 188 stores. Gateway has said that it hopes to return to profitability next year, and recently announced deals to sell its Gateway and EMachines computers through Best Buy Co.

Mexican billionaire Carlos Slim took one step closer to your living room Monday. Slim's CompUSA Inc. agreed to acquire Good Guys Inc. for $55.3 million in cash, making good on his desire to expand into the highly competitive consumer electronics industry.

Consumer electronics retailer CompUSA Inc. said Friday that it would close its stores after the holidays after the sale of the company to an affiliate of Gordon Brothers Group, a restructuring firm. CompUSA operates 103 stores, which plan to run store-closing sales during the holidays. Privately held CompUSA, controlled by Mexican billionaire financier Carlos Slim's Grupo Carso, said discussions were underway to sell certain stores in key markets. Stores that can't be sold will be closed.

CompUSA Inc., the nation's largest computer retailer, said it will cut 200 jobs at its Net.com unit to cut costs. The cuts, all at the unit's Marlborough, Mass., location, will result in a charge of $5 million to $8 million against CompUSA's fourth-quarter results. The company also said it is recruiting executives for the unit and expects the realignment to take about three months. CompUSA has said weaker-than-expected sales will lead to losses in its fiscal third and fourth quarters.

Mexico's Grupo Sanborns plans to spin off its 51% stake in money-losing computer retailer CompUSA Inc. into a newly created company that also will get a $200-million cash infusion. Sanborns, the retail unit of Grupo Carso, will spin off the CompUSA stake in two parts to represent the indirect ownership of the shares by Carso and direct ownership by Sanborns' public shareholders. Carso owns 80% of Sanborns, and the rest is owned by the public.

CompUSA Inc., the computer retailing unit of Mexico's Grupo Carso, said it sold a telemarketing unit for $105 million to focus more on selling computers. The unit, Telvista Holdings Co., was bought by Technology & Internet Holding Co., which is jointly owned by Carso, Telefonos de Mexico and cellular telephone company America Movil, Carso said.