SomeRandomIdiot
11-01-2008, 08:58 PM
Pains me to report this, as they had always done right by me, but this clearly looks like the end is in sight:
http://www.cepro.com/article/report_tweeter_sold_to_liquidators/
Report: Tweeter Sold to Liquidators
Report says Tweeter will save $12 million per year by closing distribution centers.
Oct 31
By Tom LeBlanc
10.31.2008 — Tweeter was bought by a liquidator and closed all of its distribution centers Thursday night, according to a report from TWICE.
All inventory has been sent to the stores, according to the Twice report. The report, citing a source with close ties to the chain, adds that Tweeter management held a conference call Thursday night to tell top regional personnel about the decision.
Twice also cites industry speculation that Tweeter’s goal in closing the distribution centers is to save $12 million per year and have suppliers ship directly to stores.
It’s unconventional for a 104-store chain like Tweeter not to use distribution centers. It would most likely mean devoting less store space to displaying product.
CE Pro’s efforts to reach Tweeter management for confirmation have been unsuccessful. Today’s report comes on the heels of Tweeter Newco CEO George Granoff being replaced with a corporate restructuring and crisis management specialist.
At the time, Tweeter Newco chairman George Schultze wrote that the move was made "in light of the current extreme economic conditions and the company’s recent performance," and that the move "is in the best interest of the company, as well as all other parties in interest."
http://www.cepro.com/article/report_tweeter_sold_to_liquidators/
Report: Tweeter Sold to Liquidators
Report says Tweeter will save $12 million per year by closing distribution centers.
Oct 31
By Tom LeBlanc
10.31.2008 — Tweeter was bought by a liquidator and closed all of its distribution centers Thursday night, according to a report from TWICE.
All inventory has been sent to the stores, according to the Twice report. The report, citing a source with close ties to the chain, adds that Tweeter management held a conference call Thursday night to tell top regional personnel about the decision.
Twice also cites industry speculation that Tweeter’s goal in closing the distribution centers is to save $12 million per year and have suppliers ship directly to stores.
It’s unconventional for a 104-store chain like Tweeter not to use distribution centers. It would most likely mean devoting less store space to displaying product.
CE Pro’s efforts to reach Tweeter management for confirmation have been unsuccessful. Today’s report comes on the heels of Tweeter Newco CEO George Granoff being replaced with a corporate restructuring and crisis management specialist.
At the time, Tweeter Newco chairman George Schultze wrote that the move was made "in light of the current extreme economic conditions and the company’s recent performance," and that the move "is in the best interest of the company, as well as all other parties in interest."