|
BOSTON (AP) - Tweeter Home Entertainment Group Inc. will close 49 of its 153 stores over the next eight weeks and lay off about 650 workers as the firm restructures to target customers who want high-end audio and video systems and custom installation, company officials said Wednesday.
The announcement comes two months after the chain cut 70 jobs at its Canton headquarters on the heels of a 10 percent sales drop in its last quarter.
Tweeter President and CEO Joe McGuire said the company suffered from poor holiday sales largely due to ongoing TV price cuts at larger competing chains such as Best Buy Co., Costco Wholesale Corp. and Wal-Mart Stores Inc.
|