Quantcast
"This is a painful process, but we are committed to providing compensation packages in those affected and the support to help them secure new employment."
——Michael Solomon, Tower Records President

TOWER LOSES ITS PULSE!

MTS Inc. Reduces Its Workforce by 15%, Including Longtime Publiciation Pulse
MTS Inc., Tower Records’ parent company, announced that it is reducing the workforce at its West Sacramento corporate campus and its distribution center, Bayside Entertainment, by 15%.

Departments affected include Accounts Payable, the Book division, Construction & Maintenance, Direct to Consumer, IS&T, Magazines, Print Shop, Product Management, Training and Education, as well as the offices of Pulse! magazine, along with the suspension of the publication.

Tower Records President Michael Solomon said: "We are deeply saddened by these job cuts and we are losing some loyal and long-serving employees. This is a painful process, but we are committed to providing compensation packages in those affected and the support to help them secure new employment."

In addition, the company today reported net revenues of $982.8 million in fiscal 2002, which ended July 31, 2002, compared with net revenues of $1.08 billion in fiscal 2001. The 9% decrease in revenue was due primarily to the closing of under-performing stores, a decline in same-store sales associated with cautious consumer spending attributed to the events of September 11, 2001, and a sluggish economy.

Added Solomon: "One of our key strategic initiatives as we move forward is cost containment. These job losses have been necessary in order to streamline our efforts toward restroring the company to financial health."

Tower Records currently employs 372 people at its corporate campus and 158 at Bayside. The company owns and operates 101 stores in the U.S., with 3,624 employees, 642 of whom work for the retailer in the Sacramento Valley.

REVENUE CHART:
RAINING CATS & DOGS
Starring Doja Cat, Nipper and Ms. Larry David (5/13a)
RECORDING ACADEMY LOCKS IN HARVEY MASON JR. AS CEO
Meet the new boss, same as the old boss. (5/14a)
TIME TRAVELING
WITH CLIVE (UPDATE)
Beam us up, Uncle Clive. (5/13a)
ROCK HALL INDUCTEES:
NEW & OVERDUE
Todd gets in. Finally. (5/13a)
KG's HOT ALT SUMMER
She also reviews the best outdoor Bluetooth speakers. (5/13a)
RHYTHM, BLUES AND THE FUTURE
The musical tapestry we know as R&B.
WHO'S NEXT?
Predicting the next big catalog deal.
JUST THE VAX, MA'AM
Once we all get vaccinated, how long before we can party?
WORLDWIDE GROOVE
How is globalization bringing far-flung territories into the musical mainstream?
 Email

 First Name

 Last Name

 Company

 Country
CAPTCHA code
Captcha: (type the characters above)