Business Services Industry
This Just In.
Crain's Detroit Business, December, 2003
Meijer loss, Kmart closings hurt Handleman Sales for Troy-based music distributor Handleman Co. declined by 11 percent during the second quarter in part because of the loss of customer Meijer Inc. to Coral Springs, Fla.-based Alliance Entertainment Corp. Handleman (NYSE: HDL) distributed music to 75 Meijer stores until May, said Stephen Strome, Handleman's chairman and CEO, during a conference call with analysts Wednesday.
Handleman's sales fell $33.2 million to $269.9 million from $303.1 million during the second quarter ending Oct. 26. Strome said Handleman's sales fell for four reasons: Kmart Holding Corp. closed hundreds of stores, Handleman lost Meijer as a customer, some customers' sales were lower than expected and some customers delayed inventory...
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