New CEO is named at Tweeter
Tweeter's new owner has chosen a longtime retail executive to replace CEO Joe McGuire, who resigned Monday after a decision was made to cut half of the company's corporate work force in Canton.
George Granoff, who most recently was chief operating officer of the Party City chain, was chosen to lead the electronics chain, Tweeter announced on Friday. The 61-year-old Boston area resident, who was already on the job at Tweeter on Friday, was not available for comment.
Tweeter was acquired last month by Schultze Asset Management, a Purchase, N.Y., investment company, for $38 million after Tweeter filed for Chapter 11 bankruptcy protection in June.
Before joining Rockaway, N.J.-based Party City Corp. in 2005, Granoff was CEO of the Art Store, a Milford-based art supply retailer. He also worked as a top executive for the now-defunct Bradlees and Ames department store chains.
George Schultze, managing member of Schultze Asset Management, praised Granoff's experience in both the mainstream and specialty retail sectors as valuable to his new role at Tweeter. ``He has an incredible drive to execute strategy to increase profitability, differentiate stores and develop resilient organizations,'' Schultze said in a statement.
Tweeter has suffered from declining sales in the key flat-panel TV segment amid rising competition from discounters like Wal-Mart and Best Buy.
After emerging from bankruptcy with the sale of the chain to Schultze Asset Management, McGuire said Tweeter would seek to regain its footing by continuing to emphasize customer service, home installation services and its high-end ``CE Playground'' stores, which showcase electronics as they would look in residential settings.
Executives also said at the time that Tweeter would drop the strategy of trying to compete head-to-head against discounters, focusing their outreach on more ``discerning'' audio and video customers.
Tweeter now operates 102 stores nationwide after closing nearly one-third of its stores this spring. It laid off 80 of its 160 corporate employees
Steve Adams of The Patriot Ledger (Quincy, Mass.) may be reached at email@example.com.