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Sixth Ave. Finds Backer

6/03/2011 10:44:56 AM Eastern

Springfield, N.J. - Sixth Avenue
Electronics is selling a 33-percent stake in its business to an outside
investor who will help the retailer pay down outstanding debt.

The unnamed investor will become a
non-operating partner in the A/V specialty chain, Sixth Avenue told TWICE, and
senior management led by brothers Billy and Mike Temiz will remain in place.

No further details were immediately
available, although the company denied a report in an industry blog identifying
a Brooklyn camera distributor as its new backer.

The New York metro-area dealer
recently closed 10 of its 19 stores following forays into Philadelphia and
Delaware, and settled a $9.6 million suit by GE's inventory finance unit over a
loan default.