Springfield, N.J. – Sixth Avenue
Electronics is selling a 33 percent stake in its business to an outside
investor who will help the retailer pay down outstanding debt.
The unnamed investor will become a
non-operating partner in the A/V specialty chain, Sixth Avenue told TWICE, and
senior management led by brothers Billy and Mike Temiz will remain in place.
No further details were immediately
available, although the company denied a report in an industry blog identifying
a Brooklyn camera distributor as its new backer.
On Saturday the New York metro-area
dealer closed its 11
store, leaving it with nine locations from a
peak of 19 last year. The store, located on Long Island in Commack, N.Y., was
cannibalizing a nearby location in Smithtown, N.Y., the company said. The three
remaining Long Island stores are open for business.