Wisconsin-based consumer electronics chain American TV & Appliance is closing all stores citing an “unforgiving” economy, reported the Milwaukee Wisconsin Journal Sentinel.
The 60-year old chain exited the car audio business a year ago. At the time it carried brands including Alpine, Kenwood, Polk Audio, Atrend, Focal and Directed and operated 11 stores in four states including Wisconsin, Illinois, Michigan and Iowa.
The company filed a form of bankruptcy called Chapter 128 receivership that allows it to sell assets to pay creditors. The company is valued at $72.6 million with liabilities of almost $55 million.
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Source: Milwaukee Wisconsin Journal Sentinel
I wonder how the un-forgiving economy treated other retailers in such a way as they did not have to close up shop. It seems to me that with a $20 million plus on the asset side of the sheet there are other interests at work which have informed the decision to close up shop.
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