Hot Topic shuts down, makes changes to business

City of Industry, Calif. -- Hot Topic said Monday that it is taking a series of steps it hopes will encourage growth, including closing its music and merchandise website.

The teen retail chain said it will write down unproductive inventory and fixed assets that are not vital to the company's strategy. It also said it plans to stop reporting sales monthly in the third quarter.

Hot Topic CEO Betsy McLaughlin resigned last week and was replaced by board member Lisa Harper, who also has taken responsibility for merchandising at the Hot Topic chain.

The company said Monday that former merchandising chief Amy Kocourek had left effective immediately.

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