Dealer Pride 1999 - At Tweeter etc., Nationwide Growth
CANTON, Mass."We're having fun," said Sandy Bloomberg, Tweeter etc. chairman and CEO, as he and President and COO Jeff Stone talk about their company's growth-by-acquisition transition into a coast-to-coast specialty CE chain.
Backed initially by venture capital and now by public investors, Tweeter etc.'s expansion has been rapid and far reaching: Bryn Mawr Stereo & Video of King of Prussia, Pa., acquired in May 1996; HiFi Buys of Atlanta in May 1997, Home Entertainment of Texas in February 1999 and Dow Stereo/Video in San Diego in July 1999.
Membership in the Progressive Retailers Organization set the stage for the deals that drove Tweeter etc.'s growth. "In 1994-1995, there were a bunch of people (in PRO Group) soon to be in their 50s and 60s who didn't have any type of exit strategy," recalled Bloomberg. "These people had 20, 30 years of sweat equity in their businessof branding, pride, a huge sense of loyalty to their employees."