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Ultimate Cuts 30 HQ Staff Positions

2/07/2005 02:00:00 AM Eastern

THORNTON, COLO. — Ultimate Electronics has eliminated 30 positions across several departments at its corporate offices, here, as it begins to reorganize under Chapter 11 bankruptcy protection.

No store closings or further layoffs or were announced.

“The company is looking at all alternatives,” a spokesperson told TWICE, calling reported rumors of planned store closings and additional headcount reductions “speculation.”

The consolidation reduced the headquarters staff to 330, the spokesperson said, and Ultimate is trying to place the downsized employees in vacancies throughout the company.

Separately, Ultimate's new chairman, Mark Wattles, resigned as chairman/CEO of Hollywood Entertainment last week. He was succeeded as CEO by president F. Bruce Giesbrecht, but no chairman was named. The move came as Blockbuster raised its offer to about $985 million in a now hostile takeover bid for Hollywood.