CD Warehouse Closes Nine Company-Owned Stores
Oklahoma City-CD Warehouse Inc. announced that it has closed nine company-owned retail locations in California, Colorado, Florida and Oklahoma. The closings, which were completed prior to the end of the 2000 fiscal year, will result in a one-time charge against earnings of $450,000 in the fourth quarter of 2000. The company will continue to own and operate 64 stores, in addition to the 245 stores owned and operated by its franchisees.
"We view these closings as another positive step in the company's return to profitability," said Christopher M. Salyer, CD Warehouse president and CEO. "Unfortunately, past losses generated by these nine stores have overshadowed the profitability of the other stores owned by the company. By closing these locations and redistributing the inventory to other locations, we are able to eliminate these losses and focus on operating the remaining stores in a profitable fashion." -PR Newswire