Tweeter to Shutter 49 Stores
Four stores in Tweeter’s home state of Massachusetts will close: Boston University, Saugus, Holyoke and Auburn. Other stores on the chopping block are eight Texas locations (Dallas Parkway, Caruth Plaza, Frisco, Humble, Lewisville, Southlake, Katy and Plano), four Illinois locations (Century Centre, Chicago’s Michigan Ave, Crystal Lake and Gurnee), three Connecticut locations (North Haven, Crystal and Milford), one Florida location (West Kendall), one North Carolina location (University Place), one New Jersey location (Mays Landing) and one Pennsylvania location (Walnut Street in Center City Philadelphia).
All of the closed stores, in the company’s view, “were expected to contribute negatively in the next six months.”
Tweeter said that the closings will result in layoffs of approximately 20 percent of its total company personnel. The plan “dramatically improves the company’s profitability and cash flow,” it said. Tweeter expects to incur charges of “approximately $50 to $60 million” related to the closings.