Tweeter CEO McGuire Resigns, Replacement Named
Tweeter Newco, the company attempting to rise from the ashes of the former Tweeter Home Entertainment Group, announced Tuesday that CEO Joe McGuire had resigned, according to the Boston Globe. George Granoff, formerly COO of Party City, Ames Department Stores and Bradlees, will take over as Tweeter’s CEO.
Schultze Asset Management, which purchased Tweeter in July and now calls it Tweeter Newco, announced Friday that Granoff will replace McGuire, who resigned from the company four days earlier. In an announcement, Tweeter’s chairman, George Schultze, called Granoff a seasoned retail turnaround executive, who who has “an established record of focusing organizations on their core strengths.”
The news came just days after Tweeter’s now-parent company, Schultze Asset Management, announced that half of the 160 employees at the company’s headquarters in Canton, Mass., were being let go effective immediately. McGuire was reported to be on vacation last week when the layoffs were announced. According to the Globe, McGuire left the company because he “was unable to execute the corporate strategy” laid out by Schultze’s management.
In a July conference call, McGuire told reporters that “no concrete plans” were in place for further layoffs or store closings.