Tweeter chirps its swan song

by Steven Kim posted Dec 17th 2008 at 2:47PM

The trials and tribulations of corporate bankruptcy have come to an end for Tweeter. The firm was granted Chapter 7 status, presumably allowing the stores to be reopened, but a recent filing makes it clear that this plan has gone up in smoke due to the associated expenses and logistical difficulties. So now it's for the trustee, one George Miller, to vacate as many retail locations as possible, clear out unsold inventory, empty the corporate offices and even pick up the keys to company vehicles; all by December 31, in time for the warehouse sale. Given the developments on the company's website, this end is probably for the best -- except for employees who reportedly have not been given their bonuses or vacation time pay. Tweeter, we hardly knew ye.

[Image courtesy highfihoney]

Filed under: Industry

Tags: bankrupt, business, closing, economy, out of business, OutOfBusiness, tweeter

Reader Comments (Page 1 of 1)

Highest Ranked

Galley @ Dec 17th 2008 3:17PM

Soon there will be no one left but Best Buy selling A/V equipment. Soon, less selection, and higher prices will be the norm!

Highest Ranked

MI @ Dec 17th 2008 3:39PM

that is the way the corporate model works:

CVS, first they killed off all the local mom and pop pharmacies (that have been around for generations) and now they are buying or undercutting everyone else. Loosing money all along, they try to be the last man standing. When they are, as you noted with best buy, they will put the screws to you.

If none of them survive, then the government gives them our money and keeps them going.

Highly Ranked

Le Big Mac @ Dec 17th 2008 5:07PM

Chapter 7 is liquidation, not reorganization. So any reopening would be solely to sell off what's left

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