Closing 120 More Stores
Posted by ICv2 on January 22, 2003 @ 11:00 pm CT
Specialty retail chain Wherehouse Entertainment has filed for Chapter 11 bankruptcy protection, citing intense price competition in its core music lines and music downloading as reasons for its poor sales. The chain also carries anime DVDs and manga in its stores, and has had a major presence at anime conventions in the past. It plans to close 120 stores on top of the 30 it's closed recently, which will leave it with about 250 stores. Price competition was also cited as one of the reasons why Musicland is closing 110 stores in 2003 (see 'Best Buy Shutters 110 Musicland Stores')
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