Compusa Inc

Nathan Morton, who directed CompUSA's growth into the nation's largest chain of computer superstores, quit as chairman and chief executive. The news surprised investors. CompUSA shares tumbled 9%, closing down $2.125 at $20.375 on the NYSE. The company did not explain Morton's departure, and he did not return phone calls seeking comment. Its board named President James Halpin as chief executive and outside director Giles Bateman as chairman. Morton joined the Dallas-based firm in May, 1989.

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 Plans Expansion: The retailer said it plans to strengthen its position in the increasingly competitive computer market by opening 30 more stores by June. CompUSA Inc., which now has 49 discount super stores, said it will open five stores in July, including one in Charlotte, N.C. The Dallas-based company also plans to open stores in Edison, N.J., and New York and to add stores in Houston and Detroit.

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., 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 Inc. said it will delay releasing fourth-quarter financial results by nearly two weeks, to Aug. 30 from Aug. 18, while it completes work on a restructuring move. The Dallas-based computer retailer said the decision does not relate to its results of operations and is not an indication of a change in its previous statements regarding the quarter. * * PepsiCo Inc.

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.

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.

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 Says Quarterly Sales Top $1 Billion: Executives of the computer retailer also said they see no evidence of a much-trumpeted slowdown in personal computer sales. Dallas-based CompUSA Inc. said net sales for the fiscal third quarter ended Saturday jumped 29%, to $1.0 billion from $776 million in the same period last year. It was the first time sales have topped $1 billion and the sixth straight quarter of double-digit growth.

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.

Struggling to keep pace with the fast-changing market for consumer electronics, Good Guys Inc. found it wasn't quite good enough. The retailer, which specialized in higher-end televisions, home audio systems and other cutting-edge electronics gear, catered to savvy technophiles while providing trained store personnel to educate less sophisticated customers.

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.

CompUSA Inc. plans to cut 700 jobs, about 4% of its work force, as it restructures its service to business customers. The computer retailer, which is owned by Mexican conglomerate Grupo Sanborns, said it would take an after-tax charge of about $4 million for the second quarter as a result of the cuts. Dallas-based CompUSA has begun focusing its commercial business on small and medium-size businesses, and it is shifting service for those customers to newly created national sales groups.

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.

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.