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Report - The Wiz Files for Bankruptcy

3/14/2003 05:14:00 PM Eastern

According to late-breaking report from Reuters, the consumer electronics chain that operates as The Wiz on Friday said it began voluntary Chapter 11 bankruptcy proceedings following a weaker than expected holiday sales season.

The retailer, which Cablevision Systems Corp. recently sold to GBO Electronics Acquisition LLC, reportedly said it filed motions with the U.S. Bankruptcy Court in Delaware for approval of debtor-in-possession financing from Congress Financial Corp., and for authorization to hold going-out-of-business sales at its 17 stores.