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Just before the holiday is usually the most exciting time for retailers, but this year -- with consumer confidence at all time low -- it won't have the same ring, as many retailers are holding going-out-of-business sales ahead of expected closures after the season's over.
One of the retailers, Tweeter Opco LLC, an electronics chain with 94 stores in 17 states, has joined the growing list of bankrupt retailers. On Wednesday, the Canton, Mass.-based company filed for Chapter 11 bankruptcy protection for the second time in two years and will be shuttering stores after its going-out-of-business sales end. Tweeter's liquidators include SB Capital Group LLC, Tiger Capital Group LLC and Hudson Capital Partners LLC. Creditors include Sony Corp., Samsung Electronics, Pioneer Electronics (USA) Inc., Panamax, Alpine Electronics of America Inc., OmniMount, Panasonic Corp., Service Net, Mitsubishi Electric and MartinLogan Ltd. Reportedly on Monday, "on sale" and "nothing held back" signs were featured at Tweeter stores, and merchandise was stocked on the sales floors, according to Massachusetts newspaper The Patriot Ledger. Tweeter is in good company. Other companies that also are amidst liquidation include Mervyn's Holdings LLC and Linens 'n Things Inc. - Maria Woehr CategoriesComments
From: SERVESTHEMRIGHT,
Paul Luskin is an idiot! There is NO HOPE for Tweeter....they are now owned by liquidators you doof, THEY ARE DONE. Merch sold off and then doors closed. Tweeter was a shitty place...dirty, poorly displayed and over priced! I feel bad for the employees but not the company. SERVES THEM RIGHT!
Posted on:
November 7, 2008 9:28 AM
From: Joe P,
I was working with Tweeter (Montgomeryville Mall, PA) in September to have a TV installed over our fireplace and install surround sound, etc. They finally worked up a quote and asked for 20% down to hold the merchandise and schedule a date for installation. I put down the $2,500.00 via check on 10/18 which was about 3 weeks before they decided to declare bankruptcy! Then my sales guy got wind that they may go into bk, and told me he was going to have my deposit refunded…2 weeks later, I still didnt have my money back. I called him to find out what was up and he told me all accounts were frozen, and there was nothing he could help me with to get this money back and to get an attorney.
Also, the courts have allowed gift cards to be used until the stores liquidate, which is supposed to be over in December…the stores can remain open and sell stuff, but I cant get my money refunded?? How can this happen ????????????????
Posted on:
November 20, 2008 10:58 AM
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Even in this economic downturn, there should have been better management at Tweeter to rise and excel. There is still the opportunity for Tweeter and Sound Advice to weather this storm and stay viable if the management would seek better and available leadership.