Tweeter Abruptly Closes Up Shop Early

Bankrupt home electronics retailer Tweeter has abruptly closed 70 stores across the country, as well as in Connecticut, five days ahead of schedule and fired more than 600 employees.

The Hartford Courant reports that Tweeter employees who were fired were told to forget about promised paychecks and bonuses for helping the bankrupt firm liquidate. 

It is not known what will happen to the remaining electronics equipment that customers had paid for but had not picked up.

The Canton, Mass.-based company on Tuesday converted its case to a Chapter 7 liquidation.

Owner Schultze Asset Management shut down the stores after paying millions of dollars to the largest secured creditor, Wells Fargo.

Schultze made the move after deciding against putting additional money into the company to cover expenses to wind down operations.

Tweeter stores, which had been having liquidation sales, had been scheduled to close Sunday.

Tweeter also requested that $900,000 be put in a fund for unpaid wages, commissions, and payroll taxes for workers.

If you are a Tweeter employee affected by the early closing or a customer who wasn't able to pick up your purchase, email us by clicking here. Go to "Contact Us" and choose "Suggest a news tip."

Copyright AP - Associated Press
Contact Us