Tweeter Going Chapter 11?

Discussion in 'Home Theater and Stereo' started by Buzz Goddard, May 10, 2007.

  1. Buzz Goddard

    Buzz Goddard Member

    Joined:
    May 8, 2007
    Messages:
    41
    Likes Received:
    0
    From a news release on their site.
    Very sad and in my opinion bad for the entire industry...

    http://www.twtr.com/phoenix.zhtml?c...e&ID=998716&highlight=


    The Company believes that it does not have sufficient working capital to fund its short-term needs, such as the payment of costs associated with store closings, lump-sum payments to landlords of closed stores with whom it reaches settlements, and to fund its long-term cash needs. The Company continues to investigate the marketability of its investment in Tivoli, a privately-held company in which Tweeter currently holds an ownership interest of 18.75%. There is no guarantee that the Company will be able to sell the Tivoli stock. The Company is pursuing other alternatives for raising additional capital. Any additional capital could take the form of debt or equity, but there can be no assurance that additional debt or equity will be available on acceptable terms or at all. Any equity financing could result in substantial dilution to existing stockholders. Absent obtaining additional capital or reaching adequate settlements with the landlords of its closing stores, the Company may choose to file for reorganization under Chapter 11 of the bankruptcy code.
     
  2. Alfer

    Alfer Active Member

    Joined:
    May 8, 2007
    Messages:
    1,006
    Likes Received:
    0
    I say we blame it on Wal Mart..:)
     
  3. Drew Mitten

    Drew Mitten Member

    Joined:
    May 8, 2007
    Messages:
    504
    Likes Received:
    0
    I love Wally-World. That where I get all the things that I have to persoanlly purchase! Back off!
     
  4. Michael

    Michael Junior Geek

    Joined:
    May 8, 2007
    Messages:
    3,401
    Likes Received:
    0
    Cool!

    Tell us how it is working there! :D
     
  5. Alfer

    Alfer Active Member

    Joined:
    May 8, 2007
    Messages:
    1,006
    Likes Received:
    0
    Where have you been young man!! You should know me and the fam loves our Wally Worlds!!

    It's the other WM Haters here ya need to go after....:)
     
  6. Hayes Preston

    Hayes Preston Member

    Joined:
    May 8, 2007
    Messages:
    750
    Likes Received:
    0
    So what does this mean for my extended warranties on my SXRD and the XA1 I bought from Tweeter :x

    Now that the self centered part is out of the way, yes, I think this is bad for the industry as a whole.
     
  7. Buzz Goddard

    Buzz Goddard Member

    Joined:
    May 8, 2007
    Messages:
    41
    Likes Received:
    0
    Well its only a maybe (but if they wrote that it is probably pretty likely).
    Anc it is only Chapter 11 which would not effect your warranty.
    Chances are that paper is actually handled by a third party as well.
     
  8. Max Yokell

    Max Yokell Well-Known Member Top Poster

    Joined:
    May 8, 2007
    Messages:
    8,892
    Likes Received:
    60
    Hayes most of the extended warranties were written by CEW (?) which is a 3rd party so you are good to go unless something changed there.

    This happens to explain much of what I saw in Sound Advice a few weeks ago. :( (I need one with a big tear in its eye)

    Max
     
  9. Hayes Preston

    Hayes Preston Member

    Joined:
    May 8, 2007
    Messages:
    750
    Likes Received:
    0
    OK, this still sucks for the industry.

    Thanks Buzz and Max for putting my mind at ease.
     
  10. DYohn

    DYohn Bronze Member Donor Top Poster

    Joined:
    May 8, 2007
    Messages:
    30,427
    Likes Received:
    1,394
    Like it or not, this (and the demise of many other similar chains) is partly about competition from Wal Mart and Best Buy and Costco and other big box stores... and from Internet sales. The biggest shocker to me was the death of Tower Records. The age of specialty retailers is drawing to a close, apparently. Sadly, if you ask me.
     
  11. Guest

    Guest

    Top Poster Of Month

    How, if at all, will this affect the money I owe them for my past Christmas presents?
    I owe them a $80 payment due today at 5pm....?
     
  12. Max Yokell

    Max Yokell Well-Known Member Top Poster

    Joined:
    May 8, 2007
    Messages:
    8,892
    Likes Received:
    60
    It doesn't effect anything, you still owe the CC comapny the money, their card is not an in house card it is done by a third party company just like the extended warranties. :)

    Max
     
  13. Guest

    Guest

    Top Poster Of Month

    Thanks Max, and HI! Glad to see you and your's are well.

    My Tweeter CC is with the same company as my card with OneCall and a few other electronic's companies, so yes, I better dang well pay them. :)
     
  14. Jerry Pease

    Jerry Pease Active Member Top Poster

    Joined:
    May 8, 2007
    Messages:
    5,249
    Likes Received:
    0
    exactly what I was thinking
     
  15. Ken McDaniel

    Ken McDaniel Active Member

    Joined:
    May 8, 2007
    Messages:
    2,035
    Likes Received:
    17
    Actually, a lot of experts are blaming WalMart and their sub-$1K Black Friday plasma panel. Tweeter and other companies lost tons of forecasted revenue because all the J6P's that were thinking about purchasing a plasma/LCD this year picked on up at WalMart on Black Friday 2006. Really killed the market for several months following.
     
  16. Ken McDaniel

    Ken McDaniel Active Member

    Joined:
    May 8, 2007
    Messages:
    2,035
    Likes Received:
    17
    Actually, a lot of experts are blaming WalMart and their sub-$1K Black Friday plasma panel. Tweeter and other companies lost tons of forecasted revenue because all the J6P's that were thinking about purchasing a plasma/LCD this year picked on up at WalMart on Black Friday 2006. Really killed the market for several months following.
     
  17. Guest

    Guest

    Top Poster Of Month

    Hehe... my gameroom $500 50 inch RCA HDTV w/ HDMI input was bought via a Black Friday sale. Probably the best 3 hours of missed sleep I've had in many years.... :)
    I guess you gotta know WTF you are buying if you take advantage of those Walmart black light specials?
     
  18. Guest

    Guest

    Top Poster Of Month

    Hehe... my gameroom $500 50 inch RCA HDTV w/ HDMI input was bought via a Black Friday sale. Probably the best 3 hours of missed sleep I've had in many years.... :)
    I guess you gotta know WTF you are buying if you take advantage of those Walmart black light specials?
     

Share This Page