Ultimate Files For Chapter 11
Ultimate Electronics' parent company filed for Chapter 11 bankruptcy protection Wednesday. The entity, Ultimate Acquisition Partners, was formed by Wattles Capital Management after the company's previous bankruptcy process.
The company made the move in order to streamline operations, close underperforming stores and improve leases, according to a Bloomberg News account of the filing.
Sony Electronics and New Age Electronics/Synnex are among the company's creditors.