Wattles to Close Ultimate Electronics Deal Today
By Janet Pinkerton
WILMINGTON, Del.—If Mark J. Wattles can't close his $47.25-plus million deal to purchase Ultimate Electronics' still-open stores today (April 20), a consortium of liquidators gets to liquidate the entire chain, starting tomorrow morning. Hanging in the balance are about 32 stores and the jobs of approximately 1,200 employees.
Yesterday, U.S. Bankruptcy Judge Peter J. Walsh of the District of Delaware approved three possible agreements of sale for Ultimate Electronics: a bid to liquidate inventory in 30 Ultimate Electronic stores from a joint venture comprised of SB Capital Group, Tiger Capital Group LLC and Gordon Brothers Retail Partners; Wattles bid for the remaining stores via his company Ultimate Acquisition Partners (UAP), and a back-up bid from the SB Capital Group team to liquidate the entire 62 store chain. Judge Walsh agreed to allow the 62-store liquidation should Wattles and Ultimate Electronics not close their deal today.