Here's a quick look at two specialty dealers that changed their business models to adjust with the times. We'd like to hear about any major changes that you've implemented in your business and the measurable results they've generated. Email firstname.lastname@example.org.
Tweeter Home Entertainment Group
The long-struggling electronics retailer Tweeter has filed papers indicating that it will close its headquarters and shut down operations. According to the Associated Press the company, based in Canton, Mass., filed the letter with the Massachusetts Executive Office of Labor and Workforce Development, stating that it will shut down operations by Dec. 31.
A year after its bankruptcy, the reconstituted, now-private Tweeter has returned with a new prototype store in Dedham, Mass., the Boston Herald reported this week. The store, located a few miles from the company’s former headquarters in Canton, Mass., the new store expands the company’s “playground” concept, which was first developed in the waning days of its pre-bankruptcy days. The store includes “try me” buttons, encouraging customers to check out how products will fit into their homes. Now known as Tweeter Opco LLC, the company has downsized both its store count and distribution network and brought in new management. Meanwhile, the
N.E.W. Brings in Tovissi for D&I N.E.W. Customer Service Companies announced Friday that it has named David Tovissi to the position of director of delivery and installation services. At the company, Tovissi will supervise more than 650 installers. Formerly president of Criteria, a custom integration firm, Tovissi also spent time with Sound Advice and Tweeter Home Entertainment Group. “Dave’s experience and passion in the Delivery and Installation business will be a tremendous asset to NEW as we continue to strengthen each segment of our comprehensive service solution,” the company’s senior vice president of strategy and corporate development, Kevin Porter, said in the
Last year proved tough for a handful CE retailers, with Harvey, Tweeter, CompUSA and Circuit City hit hard. Meanwhile, the big nationals kept getting bigger, with the top-10 retailers in this year’s Dealerscope 101 survey of the country’s largest CE retailers grabbing more than $137 billion in sales - a 6.5 percent increase over last year - out of a total of $199 billion in sales for the full group. Make sure to check out this month’s issue for the full report. Regional and independent retailers also held their own, with many posting better gains than the average or individual sales of the
In a move that had been expected when Tweeter Home Entertainment Group filed for bankruptcy last summer, the “Tweeter Center” name has been removed from the concert venue in Camden, N.J., that has carried that name since 2001, the Philadelphia Inquirer reported Tuesday. The amphitheater, which is situated across the Delaware River from Philadelphia and hosts a well-attended outdoor concert series every summer, will now be known as the Susquehanna Bank Center, thanks to a $10 million naming rights deal with the Pennsylvania bank. Tweeter’s deal to have its name on the venue was supposed to run through 2011, but that contract was canceled
Tweeter Newco, the company seeking to rise from the ashes after the bankruptcy of its predecessor Tweeter Home Entertainment Group, on Thursday received $80 million in new financing, the company announced. The infusion comes from a $60 million loan from the bank Wells Fargo, and a loan of $20 million from Schulze Asset Management, the private equity firm that purchased Tweeter this summer. “This new financing will ensure that we are properly stocked with a good selection of premium products from our best and most-qualified suppliers. These are goods and parts that our discerning customers demand and expect from us. “ Tweeter’s recently
As the death knell tolls for many pure CE retailers, a variety of dealers are adopting creative sales and service models that are bringing new life to the market. “I don’t think it’s completely dead,” Paul Ryan, vice president of new store development for Tweeter Newco, said of pure retail. “I still think there’s some business out there. But I also believe the more a product is identified as a commodity, the less likely we’ll see any growth in that business.” With flat panel televisions hitting commodity status, Tweeter and the rest of the A/V sector continue to dive deeper into the sale
A former party-supply executive is being brought in to rescue the retailer Tweeter, after its takeover earlier this summer. Schultze Asset Management, which purchased Tweeter in July and now calls it Tweeter Newco, announced Friday that Geroge Granoff, formerly COO of Party City, Ames Department Stores and Bradlees, will take over as Tweeter’s CEO. Granoff will replace Joe McGuire, who resigned from the company four days earlier. In an announcement, Tweeter’s chairman, George Schultze, called Granoff a seasoned retail turnaround executive, who who has “an established record of focusing organizations on their core strengths.”
Tweeter Newco, the company attempting to rise from the ashes of the former Tweeter Home Entertainment Group, announced Tuesday that CEO Joe McGuire had resigned, according to the Boston Globe. The news came just days after Tweeter’s now-parent company, Schultze Asset Management, announced that half of the 160 employees at the company’s headquarters in Canton, Mass., were being let go effective immediately. McGuire was reported to be on vacation last week when the layoffs were announced. According to the Globe, McGuire left the company because he “was unable to execute the corporate strategy” laid out by Schultze’s management. There was no immediate