Tweeter owner announces staff cuts

PURCHASE, N.Y. Schultze Asset Management, LLC. today announced sweeping staffing reductions at Tweeter, a privately held portfolio company of Schultze Asset Management. The action primarily 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," said George Schultze, chairman of the board. "As a consequence, it is with great regret that I must report we are forced to undertake significant staffing reductions. Economic trends and competition make it absolutely imperative that we hunker down now and become a 'lean and 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 & business environment now and take action to cut overhead. This action should allow our remaining stores significantly more 'breathing room' so we can afford to re-stock them with the critical inventory our distinguishing customers demand."