The Ultimate Boondoggle?What Happened to Ultimate Electronics?
Ultimate, citing its upheaval, still offers no prediction on how long it will operate under Chapter 11 protection and court supervision, nor when it will file a reorganization plan with the court. Most, if not all, of Ultimate's partners and creditors seem willing to give Wattles and his team a chance to right Ultimate's ship, however.
Definitive's Gross, whose products are still sold through Ultimate, calls Wattles "quite capable, very focused, energized," and is confident Wattles will get Ultimate's problems under control and move the company forward.
Monster, likewise, still deals with Ultimate. "We've been a longtime partner of Ultimate, going back over 15 years," says Tognotti. "We consider Ultimate part of our extended family. We are one of Ultimate's top vendors, as we are with a lot of CE retailers. We stick by our retail partners through thick and thin, so as Ultimate's business started to struggle, we continued to stick by them during their difficult period, as we intend to do during their restructuring. We have faith they'll emerge a stronger company." Wattles, says Tognotti, "had tremendous turnaround success with Hollywood Video. He's a dynamic guy who's assembled a good team."