Springfield, N.J. - Asset disposition firm Alco Capital is
conducting a going-out-of-business sale at Sixth Avenue Electronics' last
remaining store, here.
The regional A/V chain, which was founded by the Temiz
family in 1984 and operated 19 locations at its peak last year, was ordered
to close its three remaining stores in October under a temporary
restraining order issued by a U.S. District Court in New Jersey after
defaulting on an inventory finance loan from GE Capital.
Alco was confirmed as assignee for the benefit of creditors (ABC)
by a New Jersey superior court on Oct. 27, and given legal and equitable title,
and custody and control of Sixth Avenue's property, in trust. Proceeds of the
fire sale, which includes all remaining merchandise, fixtures, furniture and
equipment, will be released by Alco to Sixth Avenue's creditors in accord with
priorities established by law.
"In this case, the creditors and debtor decided that an ABC
might be a quicker and less expensive option than a traditional bankruptcy,"
said Alco president Alan Cohen.