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Magnolia Hi-Fi officially exited the car stereo business, effective Feb. 27, with inventory expected to be liquidated by the end of May.
CEO Jim Tweten said the chain's car stereo business had been struggling for the last several years and Magnolia wanted to reallocate its resources to new areas of growth "for a better return."
Magnolia is focusing instead on its high-end custom A/V business, "which is becoming a significant part of our growth," said Tweten.
"Unfortunately, despite the best efforts of our vendor, merchant and sales teams, our company has become unable to sustain the time, money and energy required to be successful in this category," said Magnolia merchandising VP Al Conrad of the car stereo market, in a letter to vendors.
Magnolia Hi-Fi is a wholly owned subsidiary of Best Buy that operates 20 freestanding stores in Washington, Oregon and California.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.