Tweeter Seeks Quick Sale of Stores
Although Tweeter said it plans to keep all stores open “for business as usual” following its Chapter 11 filing, the retailer is looking to sell off the business through a bankruptcy court auction process in the next few days, the Wall Street Journal reported.
While Tweeter executives said they have received some interest from several parties, there are no lead bidders, the Journal reported. Buyers could include hedge funds or other financial firms, according to the Boston Globe, which also reported that the retailer is in the process of closing 49 of its 153 stores and cutting 650 jobs. About half of those 49 stores remain open.
Tweeter has listed about $259 million in assets and $190.5 million in debts. The retailer owes its largest unsecured creditor, Polk Audio, $1.2 million, according to reports.