Over the course of the year, we closed 17 company-owned stores as part of that measure. As a result of these closings and other operational improvements, I am encouraged by our company owned store operations and anticipate that they will continue to trend toward improved profitability. In January, the retailer had announced the closing of nine company-owned stores in Florida, Colorado, California and Oklahoma. The company owns and operates 64 stores, in addition to the 245 stores owned and operated by its franchisees. Most stores are in strip shopping centers and offer between 10,000 and 16,000 mostly used CDs.
Stores acquire much of their inventory by purchasing or trading with customers for used CDs.
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