Tweeter Names New CEO
By Colleen Bohen -- TWICE, 8/24/2007
Purchase, N.Y. — George Granoff has been named the new CEO of Tweeter Newco. He replaces the former CEO, Joe McGuire, who resigned Monday.
The announcement was made by Schultze Asset Management, an investment group specializing in distressed businesses that acquired Tweeter in July for $38 million.
Granoff’s experience includes the roles of president and COO at both Ames Department Stores and at Bradlees. He has also been CEO of Party City, CEO of art specialty retailer The Art Store, and founder and CEO of Sherborn Optical.
"For Tweeter, we now have a fresh voice at the top. George [Granoff] is new to Tweeter but brings such a wealth of experience. Without a doubt, we're now ready to move forward swiftly. It's a great day for this great company," said Tweeter chairman George Schultze.
Tweeter cut its corporate staff in half last week by letting go of approximately 80 employees. This was the retailer’s second corporate restructuring since January.
In addition to its corporate shuffling, since it’s acquisition of the floundering retailer, Schultze has provided funding so that the A/V specialty chain can resume its 40-store remodeling program.
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Let''s see. . .he was left Bradlees in 1990 to go to Ames. Those companies filed for bankruptcy in 1995 AND 2000. Both companies went out of business. He bought an art supply store (The Art Store) in 1995, expanded the business then filed for bankruptcy in 2003. He was named COO for Party City last summer and is already jumping ship? Sounds like a great choice if you know that the company isn''t going to be around much longer anyway.
Enjoying the show - 2007-27-8 04:39:00 EDT -
Why not? Ultimate Electronics did the exact same thing about 3 years ago.........lol. Didn't Wattles run Hollywood Video or something? They are still around.
Mike Mazza - 2007-24-8 14:53:00 EDT -
I've seen this syndrome before. It seldom turns out well.
businessopinions.blogspot.com/2007/08/tweeter-names-some-guy-to-be-ceo.html
Lee D - 2007-24-8 14:11:00 EDT -
Fools,
Why do these failing retailers always hire people from outside the industry when they are attempting to save the business? This guy has absolutely zero audio-video experience.
Ex-department store executives don''t understand our quickly self destructing industry. "Stack-em deep, sell-em cheap. What a shame !
Wave bye, bye to Tweeter !
Kim Hall - 2007-24-8 12:12:00 EDT
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