CARROLLTON, Texas-Cell-phone distributor CellStar Corp. said it fired Lawrence P. King, its president and chief operating officer of the subsidiary that oversees its Asian operations. Terry S. Parker, the chairman of the board of the same unit was removed last week. The company said that the president and CEO slots will not be refilled.
CellStar has been experiencing financial problems in recent months tied to revenue issues in its Asian operations. It was delisted from the Nasdaq in June after failing to gain an extension to file its 2004 annual report and its 2005 first-quarter report. It canceled a planned Chinese initial public offering in 2004 and has suffered from declining revenues. The company has stated that the wireless retail atmosphere in China is challenging.
