Tweeter Stores To Remain Shut
By Alan Wolf -- TWICE, 12/18/2008
Canton, Mass. — Tweeter’s remaining assets will be liquidated in a private warehouse sale over the next several months.
The stores will not re-open and any unexpired leases are expected to be rejected, effective Dec. 31.
The sale will be conducted by Apto Solutions, an Atlanta-based asset recovery provider selected by Tweeter’s court-appointed bankruptcy trustee. Apto will collect all inventory, fixtures, equipment and other assets from Tweeter's 71 remaining stores and headquarters facility for storage in an Apto warehouse.
The liquidator will market the property to “a variety of potential buyers” and conduct the warehouse sale over a period of months, court documents show.
Tweeter’s trustee, Philadelphia accountant George Miller, had attempted to re-open the stores before Christmas to complete the going-out-of-business sales, but found the expense and logistical difficulties of recalling employees and re-opening the locations “daunting.”
The federal bankruptcy court in Delaware has ordered Apto to ship any previously purchased merchandise directly to consumers, and vendors who provided inventory to Tweeter on a consignment basis can either participate in the liquidation sale or have their merchandise shipped back to them at their own cost.
For TWICE's complete coverage ofCircuit CityandTweeter.
-
To Dan...It's not okay when they won't listen or are too busy to listen. Don't give up...you have to scream until someone listens! Life is not always fair but injustice in life can be addressed so that it won't happen again. Newspapers sure have time to run a lot of "fluff" articles! Remember - "The Squeaky Wheel gets the oil". It's not a matter of moving on...it's a matter of rectifying an injustice that can reoccur and should not be tolerated by the common laborer in a free society. It won't hurt to bend the ear of a congressional official so that they could address & put a stop to this kind of issue.
An Old Tech - 2009-24-1 12:45:00 EST -
motion- don't forget it was Tweeter Opco LLC -
that LLC means Limited Liability company. That means
all he loses is what he puts into the company, he isn't
personally liable for anything. It sucks a whole lot
but that's how it works. I talked to several news
agencies and nobody really cares about us... to them
we're just another group of laid off employees who are
pissed off at our situation. All we can do now is move
on, try to find another job and hope the bankruptcy
court does something right for those of us who filed
claims.
Dan - 2009-24-1 11:07:00 EST -
Other than the Internet... Twice, Dealerscope, Ce-Pro & Facebook...All of this info on Tweeter's demise & the way Schultze Asset Management underhandedly used this period of economic downturn to "vacate the scene" (at the cost of the livelihood of several thousand employees)should be a National Newspaper Story! Maybe some of us should start writing to the editors of our local papers or contact a consumer affairs dept. at a local TV station!
An abused tech - 2009-23-1 21:51:00 EST -
As far as I'm concerned, Fidelity can pass the cost of closing the plan off to Miller. Let him beg Wells Fargo to tap the fund he's been using to pay for all his other expenses. Better yet, just send the bill to Schultze and let him write a check. Does anyone even know where this irresponsible a##hole disappeared to? This BS about letting him off the hook with no accountability makes me sick.
motion - 2009-23-1 16:17:00 EST -
It appears that Miller hired an audit firm who in turn hired a former Tweeter employee to go to the office last week and audit the 401K accts and file the 8500 form required by the IRS to close the plan.
While this seems to be good news, we still don't know when the documents will be filed or how long it will take.
More concerning is it's been verified with Fidelity, that they must pass on any costs to close the plan down and that cost will be borne by the account holders. Fidelity says it will be apportioned in some way based on assets each account holder owns in the accounts. The amount, unknown at this point, could be substantial but no one knows the details.
We can only hope that
a) the process is on its way and will take less time than we were told by Miller (1 year)
b) that the hit we take will be reasonable and as constrained by the court
c) that Fidelity decides to share and absorb some of the expense (doubtful)
Glenn R - 2009-23-1 08:54:00 EST
No related content found.
VIEW ALL GALLERIES