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.