Tweeter to Shutter 49 Stores
Struggling specialty/custom retailer Tweeter Home Entertainment Group announced a massive restructuring plan under which it will close 49 of its 153 stores nationwide.
The move does not come as a shock, as publicly-traded Tweeter’s financial numbers have been abysmal for some time. But it does serve as yet another indication that the so-called “middle” of the market, which Tweeter traditionally has served, isn’t nearly what it used to be, with Best Buy and other big boxes taking away huge amounts of business from the bottom end up, and smaller, more nimble custom installers and integrators doing quite nicely on the high-end side of the ledger.
Tweeter is closing the stores, it said in a release, “in an effort to substantially improve its short and long-term financial health and better execute against its evolving home installation and services business model.” Tweeter plans to “consolidate and reinvest its resources to expand upon its popular Consumer Electronics (CE) Playground concept stores.”