Tweeter Says It May File for Bankruptcy
Struggling specialty retailer Tweeter Home Entertainment, which in March announced it would close 49 stores, admitted that it is in desperate need of capital and hinted at the possibility of filing for Chapter 11 bankruptcy.
As of May 8, Tweeter said it had sold approximately $17 million of the $35 million in inventory available for sale at the 49 stores on its chopping block. Tweeter said the sales had yielded a gross profit, but that the closings would result in additional short-term expenses that it believes it doesn’t have sufficient working capital to fund.
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