Systemax to acquire CompUSA
In a move designed to bolster Systemax Inc.'s planned retail expansion, the parent company of TigerDirect will acquire selected assets and retail stores of CompUSA Inc. for approximately $30 million.
Under the terms of the agreement, which is expected to close during the first quarter, Systemax will purchase the CompUSA brand, trademarks and e-commerce business, as well as up to 16 CompUSA retail outlets in Florida, Texas and Puerto Rico.
TigerDirect currently operates 11 retail stores in Florida, Illinois, North Carolina and Ontario, Canada. As the select CompUSA retail stores are acquired, they will be integrated into TigerDirect's existing retail operating environment.
“We believe the value of the CompUSA brand remains very high,” said Richard Leeds, CEO of Systemax, in a statement.
“Millions of loyal customers will come to the Systemax and TigerDirect family of businesses through this acquisition,” added TigerDirect CEO Gilbert Fiorentino.
In early December, CompUSA was acquired by restructuring and investment firm Gordon Brothers Group LLC, which set about initiating a winding down of the retail store operations and the sale of certain assets. CompUSA's 103 retail stores remained open during the holiday season.
Until the agreement with Systemax is closed, CompUSA's Web site (www.compusa.com) and retail operations will continue to operate under CompUSA's existing leadership. Once the acquisition is completed, the new CompUSA.com Web site will operate within Systemax's family of e-commerce sites. The new CompUSA site will feature advanced searching and enhanced content including photo galleries and videos on thousands of the most popular PC, TV and consumer electronics items.