Tweeter/HiFi Buys Files Second Bankruptcy, Closing All Stores
Tweeter (also known as HiFi Buys), an electronics chain with about 94 U.S. stores, filed for Chapter 11 bankruptcy protection for the second time in two years, and said it had begun store-closing sales. In its filing with the U.S. Bankruptcy Court in Delaware, the company said it faced ‘a severe liquidity crisis brought on by slow sales.’ Tweeter’s filing listed assets of $50 million to $100 million and debts of the same level. The biggest creditors include Sony Corp and Samsung Electronics.
Consumers have cut back spending on discretionary items such as electronics in response to the global financial crisis and credit crunch, pressuring retailers. Tweeter Home Entertainment Group Inc, a former publicly traded company, filed for bankruptcy protection in June 2007 and was later bought by Schultze Asset Management.
The latest filing shows that four affiliates — Tweeter Opco LLC, Tweeter Newco LLC, Tweeter Tivoli LLC and Tweeter Intellectual Property LLC — operated stores in 17 states under the Tweeter, Sound Advice, HiFi Buys and Showcase Home Entertainment names, primarily in Texas, Arizona, Illinois and the U.S. East Coast. Tweeter has begun store-closing sales assisted by liquidators including SB Capital Group LLC, Tiger Capital Group LLC and Hudson Capital Partners LLC, the filing said.
There is already some pretty killer deals I found through the clearance section..its different for every store.
I purchased over 100K and got the extended warranty for an additional 10%. The company that manages the extended warranty requires a copy of the receipt from Showcase. How can I get that?
what is the name of the warranty company that handles extended warranties now that all numbers at hifi buys are disconnected.could you please forward any info you have.Thank you
Depending on when you purchased your extended warranty, there were different administrators for the program. Tweeter, Sound Advice and Hifi Buys sold warranties from different Extended Warranty providers
Extended Warranty contracts that were sold by the Tweeter Group were either, AIS, ServiceNet or NEW depending on the time of purchase.
I am sure all these companies will honor the warrnty being sold at these retailers and will work with you and a local service provder to accomodate your needs.
What do you call a bankruptcy system where the creditors are NOT informed at all of these proceedings, the company Hi Fi Buys just before it goes bankrupt In May 07 sells lemon products knowingly & 5 yr service warranties????
I just spoke with Kristin @ ServiceNet and was told that if you purchased am extended service plan on March 15, 2006 or later, then they honor the warranty service. If you purchased the extended plan before March 15, 2006, then a company called AON service the warranty service. AON’s service department number is 800.283.5775. I hope this helps! – Jon
I purchased a Toshiba LCD HDTV from HiFiBuys in November 2006 with a four year extended warranty. I understand from John S. that ServiceNet will honor this warranty. Does anyone have their number for me to call or should I contact Kristin@serviceNet.com? Thanks.
Does anyone know whor took over sound advice stores extended warranty?
I bought a Mitzsubishi 52 inch DLP from sound advise in Sept 2005 and paid for a 5 year warranty. I'm looking for the warranty company name or phone number. as my TV just quit working. Any information would be appreciated.
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