Tweeter Announces Store Closings and Layoffs

Facing fierce competition from larger competitors, such as Best Buy, Circuit City, and even Wal-Mart, Tweeter is finding itself in a precarious position and has announced it will be closing 19 stores and laying off 200 employees. Tweeter's successful niche, up until now, has been to offer higher-end products, provide more personal service and broad range of installation services than its larger competitors. However, Best Buy, with its purchase of regional high-end audio/video retailer, Magnolia Hi-Fi, is now making an aggressive effort to offer higher end products, and provide its own specialized installation and service programs for consumers, which cuts into Tweeter's slice of the retail pie. To find out more details on the changing consumer electronics retail landscape and how this may affect consumers, check out the report from Boston.com.