THORNTON, Colo., Feb. 4 /PRNewswire-FirstCall/ -- Ultimate Electronics,
Inc. (Nasdaq: ULTEQ) today announced that it will close its Highlands Ranch
store on Sunday, February 20, 2005, just prior to the natural expiration of
the store's current lease.
The Highlands Ranch store opened in 1992 and is located at
8262 South University Boulevard, in Highlands Ranch, Colorado. All employees
at the Highlands Ranch store will be offered positions at nearby SoundTrack
stores, such as the Park Meadows store located at 9657 East County Line Road
in Englewood, Colorado. The Park Meadows store opened in 1997, and is less
than five miles away from the older store.
"This effectively completes a transition that started when we built our
newer, larger Park Meadows store," said Dave Workman, President and CEO of
Ultimate Electronics. "As the Park Meadows and Englewood neighborhoods have
grown during the past several years, we have seen traffic migrating away from
the Highlands Ranch location towards the larger Park Meadows and Chanson Plaza
locations, which are some of our best performing stores. We decided that it
was in the best interest of the Company to let the lease expire at the older
location and transition employees and customers to the larger locations. We
invite all of our loyal customers in the Highlands Ranch community to come
visit us in Park Meadows or Chanson Plaza, which are both just a few minutes
away."
About Ultimate Electronics, Inc.
Ultimate Electronics is a leading specialty retailer of home entertainment
and consumer electronics products in 14 states. The company operates 65
stores, including 54 stores in Arizona, Idaho, Illinois, Iowa, Kansas,
Minnesota, Missouri, Nevada, New Mexico, Oklahoma, South Dakota, Texas and
Utah under the trade name Ultimate Electronics(R) and 11 stores in Colorado
under the trade name SoundTrack(R). In addition, the company operates Fast
Trak Inc., an independent electronics repair company. Ultimate Electronics
has received numerous industry awards including Audio Video International's
2003 "Top 10 Audio/Video Retailer of the Year." For more information, please
visit http://www.ultimateelectronics.com.
Forward-Looking Statements
The statements made in this news release, other than those concerning
historical financial information, are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are made based upon management's current
expectations and beliefs concerning future developments and their potential
effects upon the company. Actual results may differ materially from those
included in the forward-looking statements due to a number of factors,
including, but not limited to: the outcome of the company's Chapter 11
bankruptcy proceedings; general economic conditions; actions of competitors;
relationships with vendors; inability to attract and retain qualified
personnel; pricing and availability of certain commodities; downturns in the
housing market; terrorism and acts of war; and other risks identified in the
company's Annual Report on Form 10-K for the fiscal year ended
January 31, 2004, filed with the Securities and Exchange Commission on
April 16, 2004. There can be no assurance that future developments affecting
the company will be those anticipated by management. The company disclaims
any obligation to update or revise any of the forward-looking statements that
are in this news release.
Media Contact:
Mac McNeer
Ashton Partners
312-553-6742
SOURCE Ultimate Electronics, Inc.
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Related links:
http://www.ultimateelectronics.com
CONTACT:
Mac McNeer of Ashton Partners,
+1-312-553-6742, for Ultimate Electronics, Inc.
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