Douglas TV

TWTR Inc.
	File:Tweeterlogo.png
Formerly	Tweeter Opco; Tweeter Home Entertainment Inc.
Company type	Limited liability company (Tweeter Opco); Corporation (TWTR Inc.)
Industry	Consumer electronics retail
Founded	May 1, 1972; 54 years ago (Boston)
Founder	Sandy Bloomberg, Michael Bloomberg
Defunct	Template:End date and age
Fate	Chapter 11 Bankruptcy and Liquidation
Headquarters	Canton, MA
Number of locations	100 (at closure)

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File:2008-08-11 Tweeter store in Durham.jpg

Tweeter retail outlet in Durham, North Carolina.

Tweeter, initially known as Tweeter Etc. and later Tweeter Home Entertainment, specialized in retailing mid- to high-end consumer electronics such as flat panel TVs, plasma TVs, car radios, home theater systems, and GPS devices. The company also placed significant emphasis on custom electronics installation services for residential and automotive clients.

Operating over 100 stores across 18 states, primarily along the East Coast but also in markets including Illinois, Texas, California, Nevada, and Arizona, the business operated under several brand names: Tweeter, HiFi Buys, Showcase Home Entertainment, and Sound Advice.

Founded in 1972 by Sandy and Michael Bloomberg with their first store located near Boston, the company rapidly expanded throughout the New England region.

Growth was largely driven by acquisitions, beginning with Bryn Mawr Stereo in 1996. Subsequently, Tweeter acquired Atlanta’s HiFi Buys in 1997; San Diego-based DOW Stereo/Video in 1999; Chicago’s United Audio Center and Douglas TV stores in 2000; followed by Florida’s Sound Advice in 2001. These strategic purchases enabled Tweeter to establish a strong presence in the Southeast and Midwest during a period of robust housing market growth.

In March 2007, the company announced plans to close 49 locations and reduce its workforce by approximately 650 employees, including shutting down all California outlets and most stores in the Southeast. By June 2007, Tweeter Home Entertainment filed for Chapter 11 bankruptcy protection. After an unsuccessful reorganization effort, its assets were sold at auction on July 13, 2007, to Schultze Asset Management, which restructured the business as Tweeter Opco LLC.

Despite attempts at revival, Tweeter Opco filed for Chapter 11 bankruptcy again on November 5, 2008. Prior to this filing, the company had initiated going-out-of-business sales ahead of the holiday season. However, disagreements among creditors over operating capital led to the abrupt closure of all stores on December 3, 2008. This resulted in layoffs of approximately 600 employees and conversion of the bankruptcy case to a Chapter 7 liquidation. Customers who had made payments or deposits found their funds frozen as part of the liquidation process and were required to file claims as creditors.

TWTR Inc.

After the initial Chapter 11 bankruptcy filing in 2007 and the subsequent transfer of assets to Schultze, the original Tweeter entity (which had become a shell company) continued to exist under the new name TWTR Inc..

On October 4, 2013—over six years following the asset sale and nearly five years after the permanent closure of the Tweeter retail chain—the shares of TWTR Inc. (then trading under the symbol "TWTRQ") experienced a surge, reaching prices up to 1,500% higher than the previous day's closing value (rising from US$0.007 to $0.15). Trading was suspended at 12:42 p.m. EDT, with the stock ultimately closing at $0.051, marking an increase exceeding 684%. This spike coincided with Twitter, Inc.'s announcement of its preliminary initial public offering filings released the day before, which disclosed plans to adopt the ticker symbol "TWTR"—the same symbol formerly used by Tweeter prior to its bankruptcy—leading to investor confusion. Shortly after this event, TWTR Inc. changed its ticker to "THEGQ". The company was officially dissolved on April 23, 2014.

References

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