Media conglomerate Cablevision announced it is exiting the consumer electronics retail business. By the end of second quarter 2003, the company will close its 17 remaining The Wiz stores in New York, New Jersey and Connecticut, unless a buyer emerges for the struggling specialty chain. In third quarter 2002, Cablevision closed 26 underperforming stores. Goldman Sachs analyst Matthew Fassler says Circuit City has the most to gain from the closings, as its stores have significant market overlap with The Wiz in the Northeast.
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