Tweeter Outlines Post-Acquisition Plans
Tweeter plans to emerge from bankruptcy, with over 100 stores and 2000 employees, following the court approval of its acquisition last week by Schulze Asset Management. That was the word from CEO Joe McGuire on a conference call with reporters on Thursday.
McGuire said on the call that Tweeter, which “still exists, and resides inside Chapter 11,” will now be known as Tweeter Newco, the name used by Schulze when it purchased Tweeter’s assets for $38 million; the company will no longer be called “Tweeter Home Entertainment Group.”
After closing a third of its existing stores, Tweeter plans to go forward with 103 stores, 2000 employees, and $500 million in annual revenue. The company also, McGuire said, plans to open more stores using the “CE Playground” concept, starting as soon as this summer. There are “no concrete plans” for additional store closings or employee layoffs, McGuire added.