Tweeter Is Acquired For $38 Million
Tweeter Home Entertainment Group announced Friday morning that it had accepted a $38 million “going concern” bid from Schulze Asset Management, in which Schulze will acquire “substantially all” of struggling electronics retailers’ assets.
Schulze had originally been one of two firms that submitted “stalking horse” bids for the company, which filed for Chapter 11 bankruptcy earlier this summer. The bidding process was supervised by a U.S. Bankruptcy Court in Delaware and if approved, the sale will close by the end of the day on Friday.
Schulze will also assume Tweeter’s debt obligations, and the company will continue to operate.