The Ultimate Boondoggle?What Happened to Ultimate Electronics?
The next day, Ultimate voluntarily filed to reorganize under Chapter 11 of the U.S. Bankruptcy Code.
The big changeover
The reins were handed that day to Mark Wattles, founder and, at the time, CEO of the Hollywood Video chain, itself the target of a bidding war by rivals Movie Gallery and Blockbuster. Wattles had tried and failed to take Hollywood private, and was looking to invest elsewhere; a longtime, admiring customer, he'd begun accumulating Ultimate stock in the weeks prior.