"The reason is straightforward. We need to spend more time integrating our acquired businesses so that all of our internal operating systems are unified; our store merchandising plans are more closely aligned and our marketing efforts are consistent across the country," Jeffrey Stone, president and CEO of the company says in a released statement. "We feel that conditions are not right to enter into another period of high growth and we will not risk profitability and stability for growth."
Three years ago, Tweeter had 62 stores in 12 states and currently it has 162 stores in 21 states. The company has 15 leases signed for the next fiscal year. Calls to the company were not returned by press time and it is unclear where the new sites are located.
Stone says that if the company is on track with its goals by next year, then it anticipates announcing 40 new stores for 2004, 50 new stores the next year and 60 new stores the year after that. "We have the real estate and construction personnel in place today to execute this strategy," he says.
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