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Ultimate Cuts HQ Staff, Fights NASDAQ Delisting

1/27/2005 01:54:00 PM 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 is presenting its case before NASDAQ today in an oral hearing that the retailer hopes will prevent its delisting from the stock exchange. As previously reported, the company is in breach of NASDAQ’s marketplace rules for continued listing, and received formal notification of its non-compliance yesterday.