Leo’s Discontinues Manufacturing: Leo’s Industries said it...
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Leo’s Discontinues Manufacturing: Leo’s Industries said it would close down its 30-employee home stereo manufacturing and wholesaling division to focus resources on its cellular telephone business. Leo’s, which operates a 39-store stereo and electronics chain, said executives at its Long Beach-based ESS stereo subsidiary have offered to buy the division. The company blamed losses from ESS and one-time costs associated with closing the division for most of Leo’s $2.4-million loss for the fiscal year ended March 31.
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