NEW YORK (Dow Jones/AP) -- CompUSA Inc. said Monday that it will buy consumer-electronics chain Good Guys Inc. in a deal valued at about $55.6 million.
Separately, Good Guys posted a wider fiscal second-quarter loss as sales declined.
CompUSA, a Dallas-based retailer and reseller of technology products and services, said the acquisition fits into its long-term strategy to expand its "merchandise mix to include the latest entertainment technology."
Good Guys, based in Alameda, Calif., has 71 stores throughout California, Nevada, Oregon and Washington.
It will become a wholly owned subsidiary of CompUSA and will continue to operate under the Good Guys name.
The transaction is expected to close before the end of Good Guys' fiscal year in February.
The deal calls for CompUSA to pay $2.05 a share for Good Guys roughly 27.1 million shares outstanding.
Good Guys shares closed Monday up 47 cents, or 31 percent, at $1.97 on the Nasdaq Stock Market.
http://www.sfgate.com/cgi-bin/article.cgi?f=/news/archive/2003/09/29/financial1404EDT0136.DTL
Separately, Good Guys posted a wider fiscal second-quarter loss as sales declined.
CompUSA, a Dallas-based retailer and reseller of technology products and services, said the acquisition fits into its long-term strategy to expand its "merchandise mix to include the latest entertainment technology."
Good Guys, based in Alameda, Calif., has 71 stores throughout California, Nevada, Oregon and Washington.
It will become a wholly owned subsidiary of CompUSA and will continue to operate under the Good Guys name.
The transaction is expected to close before the end of Good Guys' fiscal year in February.
The deal calls for CompUSA to pay $2.05 a share for Good Guys roughly 27.1 million shares outstanding.
Good Guys shares closed Monday up 47 cents, or 31 percent, at $1.97 on the Nasdaq Stock Market.
http://www.sfgate.com/cgi-bin/article.cgi?f=/news/archive/2003/09/29/financial1404EDT0136.DTL