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Tweeter Trustee Trying To Reopen Stores

12/10/2008 03:59:00 PM Eastern

Philadelphia — Tweeter’s court-appointed bankruptcy trustee is trying to finalize a deal with liquidators that would reopen the stores for one final clearance sale before month’s end.

Under the plan, Tweeter’s current liquidators — SB Capital, Tiger Capital and Hudson Capital Partners — would re-hire store employees and reopen the chain’s 70 stores in order to resume going-out-of-business sales and to deliver previously-purchased merchandise to customers.

George Miller, Tweeter’s Chapter 7 trustee, told TWICE he is also attempting to resolve issues involving unpaid compensation due employees. Staffers recently received paychecks for the last salary period, as stipulated by the United States bankruptcy court in Delaware, but say they are still owed commissions, stay-on bonuses and/or vacation pay promised by Tweeter under chairman George Schultze.

Should the stores reopen, the liquidation sales would be completed by the end of December to avoid paying an additional month’s rent, Miller said, and temporary workers would be hired to fill in for any Tweeter employees who chose not to return. Staffers are currently being contacted about their interest and availability.

“I’m just trying to open the stores for another week to ten days and close up around Christmas,” said Miller, a principal with the Philadelphia accounting firm of Miller Coffey Tate. “There’s no deal yet, but hopefully there will be.”

Clickhereto read TWICE's complete coverage of Circuit City and Tweeter.

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