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Tweeter Names New CEO

8/24/2007 11:37:00 AM Eastern

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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