Thornton, Colo. - Ultimate Electronics is days away from shutting its doors for good.
Liquidation sales at the A/V chain's remaining 30 stores are scheduled to end April 10 or sooner if all merchandise is sold.
Gordon Brothers Group and Hilco Merchant Resources, which are conducting the fire sales, said all merchandise has been marked down to as much as 70 percent off original prices. Items include TVs, computers, home theater and audio systems, video equipment, digital cameras, GPS devices and major appliances from manufacturers including Bose, Sony, Mitsubishi, Samsung, Canon and Nikon. Store fixtures such as shelving, pallet racking and office furniture are also available.
"These final 10 days give us an opportunity to say farewell to our customers as they come in to take advantage of the unprecedented discounts with thousands of items being sold below cost," said Ultimate Electronics CEO Bruce Giesbrecht. "Stores will close in the next week or so as merchandise is sold, so we encourage everyone to take one last trip to their local store."
The company, founded in 1968 by Bill and Barbara Pearse and controlled by investor Mark Wattles since 2005, filed for Chapter 11 bankruptcy protection in January for the second time in six years after business soured, bills went unpaid, and vendors severed their credit lines.
But unable to secure financing or access its cash collateral to fund operations, the chain, which was also partially held by Hewlett-Packard, opted in February to sell off its $86.5 million in inventory.
Sixteen stores were shuttered during the ensuing weeks, which, together with the final closings, will leave some 1,500 staffers unemployed while closing the book on another storied A/V specialty chain.