Cablevision Systems Corp. (Bethpage, N.Y.) announced that it would shut down 26 of its 43 Wiz electronics stores as part of a corporate-wide effort to regain profitability.
Cablevision's other properties include New York's Madison Square Garden, the New York Knickerbockers professional basketball team, the New York Rangers professional hockey team, New York's Radio City Music Hall, Rainbow Media Holdings national cable networks (including American Movie Classics and Bravo) and regional sports channels and a chain of movie theaters.
Cablevision bought The Wiz, a New York-based retailer (also previously known as Nobody Beats The Wiz), out of bankruptcy in 1998 for $80 million. Analysts say the struggling retail business chops roughly $100 million from Cablevision's annual cash flow. The company said it would continue to operate 17 profitable Wiz locations, though there are rumors it is looking for a buyer.