Tweeter Stock Falls as Senior VP Resigns
On Tuesday, Tweeter announced the resignation of Judy Quye, senior vice president of sales, operation and installation services. On Wednesday, the stock fell 15 percent to $2.37 a share. Tweeter President and CEO Joe McGuire has stepped in to fill her shoes until a replacement can be found. All of this comes at a time when Tweeter has been suffering from poor projection television sales that have more than offset HDTV flat panel revenues. This summer, same-store sales were down 13 percent compared to one year ago. The chain closed 11 stores in Q3, posting a revenue loss of four percent compared to the previous year. The Q4 2006 Tweeter Home Entertainment group earnings conference call is scheduled for December 6 at 10:30 a.m.
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