N.J.-based retail chain Sixth Avenue Electronics, is now reduced to 7 stores from a high of 19 and it expects to remain at this level, according to a source close to the company.
The chain expects to sell about $1/4 billion in merchandise annually with car stereo representing about 12 to 15 percent of that business.
As CEoutlook was first to announce earlier this month, Sixth Avenue is selling a third of its business to NY camera equipment distributor, according to sources, and is expected to pay off outstanding loans to Webster Bank with the new capital.
Source: CEoutlook
This story has been updated.
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