Business

Say good bye to Good Guys

Competition among electronics stores has been heating up in Silverdale and Good Guys, a high-end consumer electronics retailer, is the causality.

Following months of declining profitability, store management announced Monday, Jan. 7, it would close eight stores over the next two months. One of them is the store on Ridgetop Boulevard.

“It’s not really a surprise,” said a Silverdale Good Guys manager who asked not to be identified. “We’ve been a lower-volume store for some time and the company is restructuring.”

The Silverdale location, which opened in 1996, employs 25, according to Ken Cook, Good Guys spokesman. Workers will be given a chance to move to sites in Bellevue, Olympia, Lynnwood or South Center.

“We all have the ability to transfer so we won’t be left out in the cold,” the store manager said.

A date has not been set for the Silverdale closure, the manager said, and store warranties will still be honored.

The California-based corporation also will close stores in Tacoma, Federal Way, Portland, Clackamas, Ore., Pinole, Calif., West Covina, Calif., and Las Vegas. It will operate 71 stores in the Western United States.

Cook blamed the firm’s problems on a tight economy — Good Guy sales declined 10 percent between December 2000 and December 2001, and stock prices have been declining.

The firm’s competitors — including Best Buy, Radio Shack and Circuit City — have fared better.

Circuit City’s sales were up 10 percent in December and Radio Shack’s sales fell by 2 percent. Both Circuit City and Goody Guys stock prices paled in comparison to Best Buy’s wild success among investors, according to MSN MoneyCentral.

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