West Coast electronics retailer and Web marketer Good Guys has entered into a merger agreement with CompUSA.
Under the terms of the agreement, each outstanding share of Good Guys common stock will be converted into $2.05 in cash. Good Guys will become a wholly owned subsidiary of CompUSA and will continue to operate under the Good Guys name.
Good Guys posted fiscal 2003 sales of $750 million. Monday, the company reported a net loss of $6.9 million for the second quarter ended Aug. 31, compared with a net loss of $1.8 million in the same period of 2002. Net sales were $152.2 million compared to $177.5 million in second quarter last year.
The company operates 71 stores in California, Nevada, Washington and Oregon.
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