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It was a sad day in comparison-shopping-land when electronics superstore Circuit City liquidated and shuttered last year, leaving us with just one dedicated national electronics retailer, Best Buy. Now comes news that Systemax, the holding company that bought both Circuit City and CompUSA, will be reopening CompUSA stores in Houston and Chicago, with the possibility of Circuit City stores opening again in the near future.
"Recession hurts, but it also creates opportunities that would not have existed otherwise," said Systemax Chief Executive Richard Leeds. The company paid $14 million for rights to the Circuit City brand after the fallout and relaunched circuitcity.com not long thereafter. The company reported an 84% rise in its fourth-quarter profits, ending March 8, in large part due to compusa.com and circuitcity.com revenues.
· Systemax to Reopen CompUSA [CBBN]