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South Florida

TigerDirect closing out retail stores

TigerDirect location at the Mall of the Americas
TigerDirect location at the Mall of the Americas

Miami-based electronics retailer TigerDirect is closing out its physical locations and moving its business online exclusively.

The store’s parent company Systemax announced the move after reporting that its retail locations were struggling during the fourth quarter. It will now focus on selling online and directly to businesses, according to a news release.

Almost all of its stores, including a distribution center, will be closed. The company has seven locations in South Florida, the release stated.

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The stores are at Mall of the Americas in Miami as well as in Aventura, Pembroke Pines, Deerfield Beach, Kendall, Fort Lauderdale and West Palm Beach, according to the website.

The company expects to lose up to $55 million in exit and severance costs, and has brought on financial advisory firm Gordon Brothers to assist with the move.

“This was a difficult decision, but one that reflects the opportunity we see in the [business-to-business] marketplace as well as the realities of how the consumer market has changed over the past few years,” said Richard Leeds, chairman and CEO of systemax, said in a statement. “It will allow us to place additional resources behind our [business-to-business] growth initiatives and will be accretive to our financial performance after one-time costs.  We expect this strategic realignment to result in a more streamlined and focused operating platform.”