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Tuesday, 21 January 2003
For the second time in 30 years, music retailer Wherehouse Entertainment Inc. has filed for Chapter 11 bankruptcy protection. The company believes the increase in illegal downloading of songs from the Internet to be one of the factors that has contributed to their recent decrease in sales. Other reasons cited were increased competition from discount retailers and slow holiday season sales. As the company restructures their operations, they plan to close 120 stores in the coming months. Wharehouse had just recently closed 30 retail locations. This leaves 250 stores that Wherehouse plans to remodel and expand, adding more listening stations for consumers to audition music before purchasing it. Wherehouse Entertainment Inc. had previously filed Chapter 11 in 1995 and restructured after purchasing Blockbuster Music. Source:
Monday, 13 January 2003 ,  Written by
The incredible success of DVD-video has propelled home video to become America’s most popular entertainment medium, surpassing consumer spending on movie tickets, music, video games and mass-market books. Just announced by the DVD Entertainment Group at the International Consumer Electronics Show (CES) in Las Vegas, U.S. consumers spent more than twice as much buying and renting DVDs and VHS as they did going to the movies. In 2002, consumers spent $20.3 billion buying and renting DVDs and VHS versus $9.3 billion moviegoers spent at the theatrical box office. DVD now represents 57 percent of 2002 home video consumer spending, driven by DVD retail sales which increased 61 percent to $8.7 billion (compared with $5.4 billion in 2001). Consumers spent an additional $2.9 billion renting DVDs (more than double the $1.4 billion in 2001), bringing total DVD spending to $11.6 billion versus ...
Monday, 13 January 2003 ,  Written by Jerry Del Colliano
Due to pressure from members of the board who were holding him personally responsible for AOL-TimeWarner’s sluggish performance, AOL-TW’s CEO, Steve Case resigned on Sunday. Case will remain on the Board. It doesn’t take a fly on the wall at one of their board meetings to figure out who Case was talking about regarding the criticism of Case’s leadership. And that same guy, Ted Turner, may very well get a shot at running the whole show.
Monday, 30 December 2002
Recoton Sells NHT Loudspeakers To Rockford With a 52 week high of over $15 per share and a current price of just over a $1.00 per share, AV giant Recoton has sold NHT (Now Hear This) to Phoenix based Rockford recently according to industry trade magazine Twice. This is likely a move by Recoton to become more nimble and to foster what has been a little recovery in its stock price. Their stock has been as low as $0.52 per share as recently as September 2002 which, if sustained, often means a dreaded delisting from the market it is traded on.
Thursday, 12 December 2002
EchoStar and Hughes Terminate Proposed Merger Agreement EchoStar Communications Corporation (Nasdaq:DISH), General Motors and its subsidiary, Hughes Electronics Corporation (NYSE: GM, GMH), have announced that the companies have reached a settlement to terminate the proposed merger of Hughes and EchoStar, effective immediately.
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