The founder of Theater Xtreme Entertainment Group on Tuesday issued a letter to shareholders articulating the company’s plans for the future, which will include a national rollout, with the help of a new chairman and CEO.
In the letter, founder and CEO Scott Oglum referred to the company’s previous four years as “Phase 1,” and the period in the immediate future as “Phase 2.” The plan, first and foremost, includes relocating its stores from “third- and fourth-tier locations in small, neighborhood strip centers” to “top-tier” shopping centers. This plan will be carried out via a real-estate investment trust; the first new stores will be built in Moorestown, N.J. and Plymouth Meeting, Pa., both outside Philadelphia.
In addition, Oglum announced that Robert Oberosler is now the company’s chairman, CEO and president, effective immediately. Formerly a vice president with Lowe’s Home Improvement, Oberosler had been named the company’s new president in early March.