Tweeter Gets $80 Million in Capital
Tweeter Newco, the company seeking to rise from the ashes after the bankruptcy of its predecessor Tweeter Home Entertainment Group, on Thursday received $80 million in new financing, the company announced. The infusion comes from a $60 million loan from the bank Wells Fargo, and a loan of $20 million from Schulze Asset Management, the private equity firm that purchased Tweeter this summer.
“This new financing will ensure that we are properly stocked with a good selection of premium products from our best and most-qualified suppliers. These are goods and parts that our discerning customers demand and expect from us. “ Tweeter’s recently appointed CEO, George Granoff, said in a company statement. “Also, the new funding will give us the added flexibility to meet our new and more demanding business strategy goals. As Tweeter enters a new phase, we are extremely pleased with support of our lenders and Schultze.”