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The Wiz Goes Chapter 11

3/14/2003 05:14:00 PM Eastern

GBO Electronics Acquisition LLC's recently acquired Wiz unit has reportedly filed for bankruptcy-court protection.

TW Inc., operating as The Wiz, announced Friday that it has commenced voluntary chapter 11 bankruptcy proceedings in the United States Bankruptcy Court, District of Delaware.

TW Inc. has filed motions with the bankruptcy court to seek approval of debtor in possession financing from Congress Financial Corporation, and for authorization to conduct going-out-of-business sales at its 17 stores.

Last week, Cablevision Systems Corp. agreed to sell the unprofitable electronics chain to GBO Electronics, part of retail liquidator Gordon Brothers Group of Boston, in a stock deal for undisclosed terms.