Gordon Brothers Group will initiate an orderly wind-down of CompUSA's retail store operations and is engaged in discussions with various parties regarding the sale of certain assets. CompUSA's 103 retail stores will remain open and staffed during the holiday season, and will offer consumers attractive bargains on computer and electronic products as part of store closing sales.
Active discussions are under way to sell select stores in key markets as well as the company's highly-regarded technical services business, CompUSA TechPro, and its productive Internet sales operation, CompUSA.com. CompUSA TechPro and CompUSA.com will be operated by the company as going concerns until any sale transactions are closed.
CompUSA will be run by Bill Weinstein, a Principal at Gordon Brothers Group, acting as Interim President, and by Stephen Gray, Managing Partner at restructuring firm CRG Partners, who will serve as Chief Restructuring Officer. Current CEO Roman Ross will continue to serve the company in an executive advisory capacity during the transition period.
"An orderly and expedited wind-down and asset sale process is the best option for CompUSA and its creditors at this juncture," said Weinstein. "We are focused on assuring that CompUSA's creditors, landlords and other key constituents are treated properly during this process. We are working hard to achieve the maximum recovery possible for the company's constituents while also minimizing unnecessary expenses. We will actively communicate with the various parties and their advisors starting today, and in the days and weeks ahead."
Gordon Brothers Group brings to the table a unique set of skills and experience in the marketing and sale of consumer goods and the management of a portfolio of retail stores. The firm assisted CompUSA with the prior sale of under-performing stores.
"We worked long and hard with Gordon Brothers Group to achieve a business solution that maximizes CompUSA's assets," said Roman Ross. "Gordon Brothers Group has a breadth of knowledge and expertise in this area and we take great confidence in their capabilities."
DJM Realty, a Gordon Brothers Group company that specializes in real estate disposition and valuations, will assist in assessing the leases for CompUSA's store locations.
Gordon Brothers Group, through its affiliate Specialty Equity, LLC, is working with two experienced advisors who are representing creditors - Lawrence Gottlieb of Cooley Godward Kronish LLP for unsecured creditors and Jim Carr of Kelley Drye & Warren LLP for landlords. These advisors can be contacted directly by CompUSA's constituents.