Tweeter Gets a Pair of “Stalking Horse” Bids
The CE retail chain Tweeter, fresh off its declaration of bankruptcy two weeks ago, has received a pair of bids for its assets, CustomRetailer.net reported Tuesday.
The New York-based firm Schultze Asset Management (under the name “Tweeter Newco”) submitted a $38 million bid to acquire “substantially all” of the company’s assets, and also assume $8 million in bankruptcy costs.
The other bid, a joint effort by investment firms Bay Harbour Management and Whippoorwill Associates Inc., is for $10 million and is aimed only at Tweeter’s minority ownership stake in the manufacturer Tivoli Audio. Schultze’s bid includes the Tivoli stake as well as the company’s own assets.