Kansas City, Mo. — BrandsMart Midwest is reportedly going out of business.
The A/V specialty chain, which operates six stores in Kansas and Missouri, reportedly informed vendors this week of its decision to shutter its doors, and has commenced liquidation sales.
BrandsMart management was unavailable for comment at press time
According to Roger Heuberger, executive director of the Progressive Retailers Organization (PRO Group), which counted BrandsMart among its members, the privately held CE chain had initially considered a reorganization plan that included closing its two oldest locations.
But market conditions, presumably exacerbated by the last year’s openings of a 712,000-square-foot Nebraska Furniture Mart and three of four planned Ultimate Electronics stores within the Kansas City area, compelled the company to opt for closure.
Heuberger said the management team, led by chairman/president Bill Berg and COO Lee Roarke, are in close communication with vendors and are liquidating their assets in an orderly fashion in an effort to meet their supplier liabilities as best they can.
"They’re doing it as honorably and gracefully as one can in that situation," Heuberger said.
The company, which had opened its newest store last year, ranked 98th on TWICE’s Top 100 CE Retailers listing, with CE sales of $37 million in 2002.