News

Systemax to acquire select CompUSA assets

BY CSA STAFF

PORT WASHINGTON, N.Y. Systemax, a consumer electronics retailer that sells products through a system of branded e-commerce Web sites, direct mail catalogs, relationship marketers and retail stores in North America and Europe, announced today that it has agreed to buy selected assets and retail stores of CompUSA.

Systemax said it has agreed to purchase the CompUSA brand, trademarks and e-commerce business, and as many as 16 CompUSA retail outlets. Completion of the transaction is subject to customary closing conditions and is expected to close at several dates throughout the first quarter of 2008.

We believe the value of the CompUSA brand remains very high. The company has a long legacy of value pricing, service and customer loyalty among consumers nationwide, said Richard Leeds, ceo of Systemax.

Until the agreement is closed, CompUSAs Web site (www.compusa.com) and retail operations will continue to operate under CompUSAs existing leadership, Systemax reported. Once the acquisition is completed, the new, improved CompUSA.com Web site will operate within Systemaxs family of e-commerce Web sites.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...
News

Weis Markets names new CEO

BY CSA STAFF

SUNBURY, Pa. Weis Markets has named David Hepfinger as the company’s new president and CEO, succeeding former CEO Norman Rich, who has retired.

Prior to becoming CEO, Hepfinger was the company’s president and COO.

Prior to joining Weis Markets in March, Hepfinger was SVP of retailing and administration at Price Chopper, a 116 store supermarket company based in Rotterdam, New York. In this position, he oversaw Price Chopper’s warehouse, distribution, procurement and store operations.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...
News

New CEO tasked with Borders turnaround

BY CSA STAFF

ANN ARBOR, Mich. Borders Group announced that Ron Marshall, who most recently was Principal of Wildridge Capital Management, a private equity firm he founded approximately three years ago, has been appointed president and CEO and will serve as a director. Marshall, replaces George Jones who served in that same capacity since July 2006.

Prior to founding Wildridge Capital, Marsahall was CEO for eight years with Nash Finch Company, a $5 billion food distribution and retail organization, where Marshall was responsible for a turnaround that included the quadrupling of earnings over a six-year period as well as a 40% improvement in EBITDA over the same period.

“Borders is a powerful brand with millions of loyal customers who love to shop in the stores,” said Marshall. “These are tremendous assets that can be built upon once the balance sheet is strengthened and the company is on more solid financial footing. I’ve led turnarounds at other retail organizations and look forward to leading a new management team at Borders to drive profitability and help ensure lasting success for this great name in retail.”

In addition to Marshall’s appointment as CEO, other management changes were announced. Mark Bierley has been named CFO and EVP of finance. Anne Kubek has been appointed EVP of merchandising and marketing. Additionally, Dan Smith has been named to the new position of chief administrative officer.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...