Tweeter Home Entertainment Group
| Tweeter Home Entertainment Group | |
|---|---|
| legal form |
Corporation (TWTR Inc.) formerly: Limited Liability Company (Tweeter Opco) |
| founding | 1972 ( Boston ) |
| resolution | 2008 |
| Reason for dissolution | insolvency |
| Seat | Canton , MA |
| Branch | Consumer electronics |
Tweeter Home Entertainment Group ( Tweeter for short , also TWTR Inc. , formerly Tweeter Opco LLC ) was an American chain of specialized consumer electronics stores , which was mainly located on the east coast of the United States .
Locations
The company had more than 100 stores in 18 states, most on the East Coast, but also in Illinois , Texas , California, and Arizona . The names of the shops varied, and besides tweeters , hi-fi buys , showcase home entertainment and sound advice were common .
history
The company was founded in 1972 by Sandy Bloomberg in Boston , which is where the first shop opened. The company was quickly able to expand throughout New England , the northeastern United States. Growth-driven acquisitions followed, such as Bryn Mawr Stereo in 1996 . In 2000 the companies United Audio Center and Douglas TV Stores from Chicago and in 2001 Sound Advice , which was mainly active in Florida , were taken over. This ensured Tweeter a quick presence in the Southeast and Midwestern United States at a time when the real estate market was booming.
Decline
In March 2007, 49 stores were closed and 650 employees made redundant. All businesses in California, as well as most in the southeast, were affected. In June, Tweeter filed for bankruptcy and was sold at auction after a bailout plan failed. The company was bought by Schultze Asset Management and renamed Tweeter Opco LLC . After the failed attempt to reorganize and rebuild the company, the sell-off began in November 2008. In December of that year, the remaining 600 employees were finally laid off.
The tweeter share
At its best, the stock was trading at around $ 45. After the bankruptcy, however, this fell to a few cents, in some cases it fell to a value of 0.0004 dollars. In early October 2013 , the share rose 2200% in one day. According to reports, many shareholders mistook Tweeter shares for shares in software service Twitter Inc. and acquired approximately 14.5 million shares as a result.
Individual evidence
- ↑ Tweeter To Close 49 Locations ( Memento of the original from October 12, 2007 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. from March 26, 2007
- ↑ Are the Days of Knights Over? - Lack of Liquidity Stymies Chapter 11 Cases from February 19, 2009
- ↑ NZZ : False “Twitter” share with a high price increase from October 7, 2013.
Web links
- Company website ( Memento of October 11, 2007 in the Internet Archive )
- Information about the tweeter share on finanzen.net