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Tweeter Files For Chapter 11 Protection

6/11/2007 01:18:00 PM Eastern

Canton, Mass. — Tweeter Home Entertainment Group announced it is filing for Chapter 11 protection of the U.S. Bankruptcy Code.

In a statement, the chain said the decision was made “to address its financial challenges and support its ongoing efforts to evolve its home installation and services business model.”

Tweeter also said it has received a $60 million secured debtor-in-possession credit facility provided by General Electric Capital Corp.. Tweeter, through a first-day motion, will seek immediate authority to access that post-petition credit facility. Tweeter intends to use the post-petition liquidity to purchase merchandise, pay employee salaries and benefits and for other general corporate purposes.

For updates on this story as it progresses visit TWICE.

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