Computer and gadget retailer CompUSA, controlled by Mexican billionaire Carlos Slim, has been sold to a restructuring and investment firm Gordon Brothers Group, which plans to close its stores and sell company assets. The Boston-based Gordon Brothers had recently helped CompUSA to sell its underperforming stores.

The Dallas-based CompUSA also said on Friday 7 December that active discussions were underway to sell its technical services business CompUSA TechPro, its online sales operation CompUSA.com, and select stores in key markets. The chain''''s 103 retail stores are to remain open and fully staffed during the holiday season, offering discounts on computer and electronics ahead of the planned store closures.

Gordon Brothers executive Bill Weinstein will run CompUSA as its interim president. CompUSA chief executive Roman Ross will continue to serve the company in an advisory capacity. Earlier this year, the company closed more than half its US retail stores in a bid to streamline operations and bolster margins at the top-performing stores.

Friday''''s sale did not come as a complete surprise to industry watchers. Reports have suggested that Slim - among the world''''s wealthiest individuals - was seeking to unload his interest in the company. CompUSA''s closure will benefit rivals Best Buy, Circuit City, Office Depot, OfficeMax and Staples Inc.

Consolidation in the electronic retailing sector has resulted in intense competition, as large companies like Best Buy and Wal-Mart undercut their smaller rivals such as CompUSA and Circuit City.