Electronics retailer Tweeter, as expected, closed all of its remaining stores Tuesday- leaving hundreds of employees out of work. According to the Boston Globe, which reported on the closure, the chain has closed its last 70 stores and laid off around 600 employees.
According to a report issued this week by The Stratecon Group the retailer, which began a liquidation process earlier this month, the company's demise was a confluence of several factors.
Tweeter Home Entertainment Group announces plans to close 19 stores, according to the company, which announced its earning results for the second fiscal quarter ending March 31, 2005. Tweeter expects to reduce its total workforce by approximately six percent as a result of the store closings. According to company reports, the closings represent almost 11 percent of all stores and 4.7 percent of revenue. Total revenue from continuing operations decreased one percent to $185 million from $186 million in the same period last year while comparable store sales from continuing operations decreased four percent, says Tweeter. Operating loss from continuing operations for the quarter, according