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Wiz Receives Court OK For Liquidation Sales

3/27/2003 12:08:00 PM Eastern

Plainview, N.Y. - The U.S. Bankruptcy court for the District of Delaware this morning approved The Wiz's plan to immediately begin going out of business sales at its remaining 17 stores.

The Wiz, operating as TW Inc., a subsidiary of GBO Electronics Acquisition, LLC - itself a unit of Boston-based liquidator Gordon Brothers Group - had filed for bankruptcy protection on March 14, shortly after acquiring the metro N.Y. CE chain from Cablevision Systems.

"The entire inventory at these 17 stores must be liquidated before we shut the doors of The Wiz for good," said Stephen Gray, TW's chief restructuring officer.

Cablevision purchased the chain from the founding Jemal family in a bankruptcy sale five years ago as a platform from which to sell its TV and online services as well as the hardware with which to use them. But despite several turnaround attempts, The Wiz ultimately succumbed to metro area assaults by Best Buy and Circuit City and the soft retail environment.