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Tweeter Stores To Remain Shut

12/18/2008 12:01:00 PM Eastern

Canton, Mass. — Tweeter’s remaining assets will be liquidated in a private warehouse sale over the next several months.

The stores will not re-open and any unexpired leases are expected to be rejected, effective Dec. 31.

The sale will be conducted by Apto Solutions, an Atlanta-based asset recovery provider selected by Tweeter’s court-appointed bankruptcy trustee. Apto will collect all inventory, fixtures, equipment and other assets from Tweeter's 71 remaining stores and headquarters facility for storage in an Apto warehouse.

The liquidator will market the property to “a variety of potential buyers” and conduct the warehouse sale over a period of months, court documents show.

Tweeter’s trustee, Philadelphia accountant George Miller, had attempted to re-open the stores before Christmas to complete the going-out-of-business sales, but found the expense and logistical difficulties of recalling employees and re-opening the locations “daunting.”

The federal bankruptcy court in Delaware has ordered Apto to ship any previously purchased merchandise directly to consumers, and vendors who provided inventory to Tweeter on a consignment basis can either participate in the liquidation sale or have their merchandise shipped back to them at their own cost.

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