Ailing electronics retailer CompUSA won't be getting it's Christmas wish this year, as news came on Friday that the computer superstore will sell or close all stores by the end of the year.

CompUSA has been trying to dig itself out of free-fall since 2000, when Carlos Slim Helu — the Mexican financier behind Grupo Carso SA — took the company private and began a game of CEO hot potato. The chain attempted to pull itself out of the slide by closing more than half its stores earlier this year.

The company will be sold to an affiliate of restructuring firm Gordon Brothers Group, which will oversee the sale and closure of the remaining stores, as well as determine the fate of the company's online business.

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