Tweeter sees 'sweeping staff reductions'

By Caroline Salls

Pittsburgh, Aug. 20 - Tweeter Home Entertainment Group, Inc. holding company Schultze Asset Management, LLC said it made sweeping staffing reductions at Tweeter, with most of the reductions focused on Tweeter's Canton, Mass.-based headquarters.

"In order to address some of the financial issues that caused Tweeter to go into bankruptcy in the first place, some difficult choices will be necessary going forward," chairman of the board George Schultze said in a Schultze Asset Management news release.

"Economic trends and competition make it absolutely imperative that we hunker down now and become a 'lean & mean' operating business which will be the new Tweeter.

"We simply will not survive for the long term unless we face the unpleasant reality of our market and business environment now and take action to cut overhead."

Tweeter, a Canton, Mass., consumer electronics retailer, filed for bankruptcy on June 11 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 07-10787.

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