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Tweeter Announces New CEO

Schultze Asset Management, LLC. announced that George Granoff is joining Tweeter Newco, LLC as the company’s new Chief Executive Officer. The company’s former CEO, Joe McGuire, resigned Monday.

Granoff is a seasoned retail turnaround executive with expertise in leading both mass and specialty retailing companies. Tweeter Chairman George Schultze praised Granoff’s acumen, citing Granoff’s, “established record of focusing organizations on their core strengths. He has an incredible drive to execute strategy to increase profitability, differentiate stores, and develop resilient organizations. We at Tweeter will all benefit greatly from these qualities.”

Granoff’s specialty retail experience includes roles as COO of Party City, CEO of The Art Store, Inc. a Milford, MA art supply specialty retailer, and founder and CEO of Sherborn Optical.

Not just a specialty retailer, Granoff has significant large retail experience, having served as President & COO of Ames Department Stores and President & COO of Bradlees (a division of Stop & Shop) where during a distinguished twenty-year career he rose from an assistant buyer to President.

“Tweeter is an iconic brand well positioned for the current business environment. We have very knowledgeable staff and excellent products individually. But the real magic happens when our experts take these great products, combine them smartly, and install them elegantly to meet or exceed our discerning customer’s aspirations,” Granoff said. “Our goal is to deliver that magic as only we can, but to do so profitably in a more nimble, more entrepreneurial organization. That work is well underway, and I intend to see it through to the end.”

Schultze added, “For Tweeter, we now have a fresh voice at the top. George (Granoff) is new to Tweeter but brings such a wealth of experience. Without a doubt, we’re now ready to move forward swiftly. It’s a great day for this great company.”

Granoff has a BS in Industrial Management from the Wharton School of Business at University of Pennsylvania. He resides with his family in suburban Boston.

About Tweeter
Tweeter Home Entertainment Group, Inc. was founded in 1972. Based in Canton, Massachusetts, the Company is a national specialty consumer electronics retailer providing home and mobile entertainment solutions. The Company’s fiscal 2006 revenues were $775 million. Tweeter has been named the 2006 Retailer of the Year by Sound and Vision Magazine and a “Consumer Electronics Retailer of the Year” by Audio-Video International every year since 1979. The company operates 102 stores under the Tweeter, hifi buys, Sound Advice and Showcase Home Entertainment names. The Company’s stores are located in the following markets: New England, the Mid-Atlantic, Chicago, the Southeast (including Florida), Texas, and Phoenix. Further information on Tweeter can be found on the Company’s website http://www.tweeter.com.

About Schultze Asset Management, LLC
Founded in 1998, Schultze Asset Management, LLC (http://www.samco.net) is a leading alternative investments firm specializing in distressed and special situations investing. The firm manages approximately $725 million in assets on behalf of institutional and high net worth clients located throughout the world. Schultze’s offices are in Purchase, NY. Additional information about Schultze, including bio’s and experience of employees and Advisory Board Members, is available on its web site.

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