Tweeter Home Entertainment Group Selects Global Sports, Inc. To Develop E-Commerce Web Site
Tweeter Home Entertainment Group, Inc. (Nasdaq: TWTR), the nation’s premier specialty consumer electronics retailer, announced today that is has formed a relationship with Global Sports Inc. (Nasdaq: GSPT), a leading outsource solution for e-commerce, to develop and operate the www.tweeter.com e-commerce site.
Under the agreement, Tweeter will be responsible for driving the user experience of the new www.tweeter.com e-commerce site. Tweeter will handle all of the merchandising, branding and designing of the look and feel of the Web site, while Global Sports will be responsible for the technology, customer service, order processing, and fulfillment. The new online store will feature a selection of mid-to-high end audio video technology for the home and car and is expected to launch later this fall.
“When we began to look for a new e-commerce partner, it was very important to us to find a company with a leading technology platform, extensive e-commerce experience and a strong foundation,” says Jeff Stone, President & CEO of Tweeter Home Entertainment Group. “We are pleased with the expertise, stability and demonstrated track record that Global Sports has shown over the years, and we look forward to working with them and our product vendors to develop a new era in the Tweeter online business.”
Michael Rubin, Chairman & CEO of Global Sports, Inc., said, “Tweeter Home Entertainment Group is a strong brand name in a new vertical for Global Sports. Tweeter is a leading specialty consumer electronics retailer with almost $700 million in sales in the trailing twelve months. We believe that the Tweeter brand name will attract many shoppers, and we are delighted to be selected to develop and operate the new www.tweeter.com store.”
Global Sports (NASDAQ: GSPT) is a leading outsource solution provider for e-commerce. The company develops and operates e-commerce businesses for retailers, manufacturers, media companies and professional sports organizations. The Global Sports’ platform includes Web site design and development, e-commerce technology, customer service, fulfillment, buying and merchandising, content development and management, online and database marketing and product development and sourcing.
Tweeter Home Entertainment Group, Inc. (NASDAQ: TWTR) was founded in 1972 by current Chairman Sandy Bloomberg. Based in Canton, Massachusetts, the Company is a specialty retailer of mid- to high-end audio and video consumer electronics products. The Company’s fiscal 2001 revenues were $540 million. Tweeter was named “Consumer Electronics Retailer of the Year” four out of the past six years by Audio-Video International, “1999 Retail Leader” by TWICE, and awarded Dealerscope’s 1999 Dealer’s Pride award. Tweeter Home Entertainment Group now operates 161 stores under the Tweeter, HiFi Buys, Sound Advice, Bang & Olufsen, Electronic Interiors, Showcase Home Entertainment and Hillcrest High Fidelity names in the New England, Texas, San Diego, Mid-Atlantic, Chicago, Southeast, Florida and Phoenix markets. The Company employs more than 3,800 associates.
Further information on the Tweeter Home Entertainment Group can be found on the company’s Web sites at www.twtr.com and www.tweeter.com
Forward-Looking Statements
All statements made in this release, other than statements of historical fact, are forward-looking statements. The words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “will”, “would”, “should”, “guidance”, “potential”, “continue”, “project”, “forecast” and similar expressions typically are used to identify forward-looking statements. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the businesses of Global Sports and Tweeter Home Entertainment Group and the industries and markets in which the companies operate. Those statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied by those forward-looking statements. Factors which may affect Global Sports’ and Tweeter Home Entertainment Group’s businesses, financial condition and operating results include the effects of changes in the economy, consumer spending, the stock market and the industries in which they operate, changes affecting the Internet, online retailing and direct response marketing, the ability of the companies to maintain relationships with strategic partners and suppliers, the ability of the companies to timely and successfully develop, maintain and protect their technology and product and service offerings and execute operationally, and the ability of the companies to attract and retain qualified personnel. More information about potential factors that could affect Global Sports and Tweeter Home Entertainment Group can be found in their most recent Forms 10-K, Forms 10-Q and other reports and statements filed by Global Sports and Tweeter Home Entertainment Group with the Securities and Exchange Commission. Each of Global Sports and Tweeter Home Entertainment Group expressly disclaims any intent or obligation to update those forward-looking statements, except as otherwise specifically stated by it.
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Contact:
Global Sports Contact:
Patricia Henderson
Corporate Communications
(610) 491-7013
hendersonp@globalsports.com
Tweeter Contact:
Kate Monaghan
Corporate Communications
(781) 830-3324
kmonaghan@twtr.com
