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