The Ultimate Boondoggle?What Happened to Ultimate Electronics?
The combination of strong competition selling similar products, declining same-store sales and overlarge stores with cash-devouring leases and overhead was already in place when Dave Workman took the reins.
Hopeful language, bleak reality
As Ultimate sank further into the abyss, stockholders and analysts grew increasingly alarmed. Workman, the public face of the company, took over as CEO when Edward McEntire retired in January 2004 and tried to put a hopeful spin on things.