Systemax to Buy CompUSA Brand, Stores
Dallas Computer manufacturer and seller Systemax Inc. said Sunday it has reached an agreement with CompUSA to buy its brand, trademarks, e-commerce business and as many as 16 stores from the struggling company, which was sold last year to restructuring and investment firm Gordon Brothers Group LLC.
Systemax said it expects to spend about $30 million on the acquisition.
“We believe the value of the CompUSA brand remains very high,” said Systemax chief executive Richard Leeds in a statement.
Systemax is buying up to 16 CompUSA stores in Florida, Texas and Puerto Rico. Leeds said the acquisition would complement Systemax’s TigerDirect subsidiary, which operates 11 retail stores in Florida, Illinois, North Carolina and Canada.
CompUSA Inc. was sold after struggling for nearly a decade with falling prices on personal computers, its most important product, and competition from big-box retailers such as Best Buy Co. CompUSA operated 103 stores when it was sold.
Weis Markets names new CEO
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.
New CEO tasked with Borders turnaround
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.