Tweeter Home Entertainment Group
Electronics retailer Tweeter, as expected, closed all of its remaining stores Tuesday- leaving hundreds of employees out of work. According to the Boston Globe, which reported on the closure, the chain has closed its last 70 stores and laid off around 600 employees. The Globe also reported that employees still have not been paid certain salary, bonuses and vacation time to which they say they are entitled to under prior liquidation agreements. The company’s last owner, Schultze Asset Management, will bring the company into Chapter 7 bankruptcy, the paper said. Meanwhile, on Wednesday the company’s Web site was hacked. Unknown hackers replaced the company’s
Crestron announced last week that it has brought on Steve Samson, a former vice president of systems design for Tweeter, as its new director of business and market development. A 20-year industry veteran, Samson will deal with strategic partners, strategic markets and the company’s Integrated Partner Program. Samson spent the last five years with Tweeter, and previously founded the design and installation firm Savi Technologies. “Steve has a vast and wide array of experience and success in our industry,” the company’s executive vice president, Randy Klein, said as part of the announcement. “His skills and accomplishments will certainly be a great asset
Bankrupt electronics retailer Tweeter, which was sold to two liquidators last month, is advertising big liquidation sales, with prices slashed by up to 50 percent in the chain’s waning days. Touting “prices slashed again,” Tweeter.com advertises sales of between 20 and 50 percent on brands including Alpine, Bose, Garmin, Klipsch, Panasonic, Pioneer, Sony, TiVo, Toshiba, Yamaha and many others. In the upper right hand corner in small letts, the site also reads “Gift Cards Accepted.” Tweeter can agreed, under pressure from Connecticut’s Attorney General, earlier this week to keep honoring the cards through year’s end. With the exception of a store
Under pressure from Connecticut Attorney General Richard Blumenthal, the bankruptcy court overseeing Tweeter has agreed to continue to accept gift cards in the stores through the end of the year, or until its stores close, whichever occurs first. The request was also made, and granted, by attorneys general in other states. According to Blumenthal’s office the chain, which recently declared bankruptcy for the second time in two years, was to stop taking the cards Nov. 15- but a request from Blumenthal extended that deadline further. “Today’s ruling is rightful reprieve for Tweeter gift card holders, who can now redeem them until its
The long-struggling electronics retailer Tweeter has filed papers indicating that it will close its headquarters and shut down operations. According to the Associated Press the company, based in Canton, Mass., filed the letter with the Massachusetts Executive Office of Labor and Workforce Development, stating that it will shut down operations by Dec. 31. The company, which declared bankruptcy in 2007, was purchased then by Schultze Asset Management LLC, which in turn sold its assets last week to two liquidation firms.
What caused formerly strong retailer Tweeter to collapse? According to a report issued this week by The Stratecon Group the retailer, which began a liquidation process earlier this month, the company’s demise was a confluence of several factors. These included failure of the company’s many parts to get along and stay on the same page, lack of effective integration between parts of the company brought together by mergers; overexpansion, as well as difficulty handling its “middle road” market position. Also according to Stratecon, Tweeter owes something between $50 and $100 million in liabilities and the list of unsecured creditors is a virtual who’s
The CEO of the newfangled Tweeter Newco departed the company last week due to a “falling out” with the company’s owner, the Boston Herald reported Friday. The paper, citing an industry source, said that CEO George Granoff stepped down after falling out with Schultze Asset Management Group, which purchased the former Tweeter Home Entertainment Group out of a bankruptcy auction last year. Craig Boucher has been brought in to replace Granoff as chief executive on an interim basis.
A year after its bankruptcy, the reconstituted, now-private Tweeter has returned with a new prototype store in Dedham, Mass., the Boston Herald reported this week. The store, located a few miles from the company’s former headquarters in Canton, Mass., the new store expands the company’s “playground” concept, which was first developed in the waning days of its pre-bankruptcy days. The store includes “try me” buttons, encouraging customers to check out how products will fit into their homes. Now known as Tweeter Opco LLC, the company has downsized both its store count and distribution network and brought in new management. Meanwhile, the
In a move that had been expected when Tweeter Home Entertainment Group filed for bankruptcy last summer, the “Tweeter Center” name has been removed from the concert venue in Camden, N.J., that has carried that name since 2001, the Philadelphia Inquirer reported Tuesday. The amphitheater, which is situated across the Delaware River from Philadelphia and hosts a well-attended outdoor concert series every summer, will now be known as the Susquehanna Bank Center, thanks to a $10 million naming rights deal with the Pennsylvania bank. Tweeter’s deal to have its name on the venue was supposed to run through 2011, but that contract was canceled
Tweeter Newco, the company seeking to rise from the ashes after the bankruptcy of its predecessor Tweeter Home Entertainment Group, on Thursday received $80 million in new financing, the company announced. The infusion comes from a $60 million loan from the bank Wells Fargo, and a loan of $20 million from Schulze Asset Management, the private equity firm that purchased Tweeter this summer. “This new financing will ensure that we are properly stocked with a good selection of premium products from our best and most-qualified suppliers. These are goods and parts that our discerning customers demand and expect from us. “ Tweeter’s recently