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Bank Forces HiFi House To Liquidate

Broomall, Pa. — HiFi House, the three-store A/V specialist and home-automation integrator, closed its doors after its bank forced the company to begin liquidation proceedings, HTSA president Bob Hana said. 6/05/2014 08:30:00 AM Eastern

Broomall, Pa. — HiFi House, the three-store A/V specialist and home-automation integrator, closed its doors after its bank forced the company to begin liquidation proceedings, HTSA president Bob Hana said.

The HTSA member had been in business since 1955 and employed more than 60 people, the company’s website shows.

“While HiFi House’s sales were steadily increasing, their bank had grown impatient with their situation and has forced them to begin liquidation proceedings immediately,” said Hana.

The company’s stores were located in its flagship in Broomall and Jenkintown, Pa., and in Wilmington, Del. Besides selling residential products, the retailer also sold commercial audio and video.

Hana said the closure “is not a reflection of our industry nor HTSA in general but rather just another one of the unfortunate stories that has occurred a few too many times over the past five years.” Soon the group will announce new dealer members, he said.

Hana called president/CEO Jon Robbins “a key, instrumental contributor to HTSA and our industry for many, many years.”