Sound Advice (store)

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 outlet in Durham, North Carolina.

Tweeter, previously known as Tweeter Etc. and Tweeter Home Entertainment, specialized in retailing mid-range to premium consumer electronics such as flat panel TVs, plasma TVs, car radios, home theater systems, GPS devices, among others. The company also dedicated a significant portion of its operations to the custom installation of electronic systems for both residential and automotive applications.

Operating over 100 stores across 18 states—primarily along the eastern seaboard but also including locations in Illinois, Texas, California, Nevada, and Arizona—the retailer conducted business under several banners including Tweeter, HiFi Buys, Showcase Home Entertainment, and Sound Advice.

Founded by Sandy and Michael Bloomberg with the first store launching in the Boston vicinity in 1972, the enterprise rapidly grew throughout the New England region.

Tweeter’s expansion strategy heavily relied on acquisitions beginning with Bryn Mawr Stereo in 1996. This was followed by the purchase of Atlanta-based HiFi Buys in 1997, San Diego's DOW Stereo/Video in 1999, Chicago’s United Audio Center and Douglas TV stores in 2000, and finally Florida’s Sound Advice in 2001. These acquisitions allowed Tweeter to establish a strong footprint in both the Southeastern and Midwestern markets amid a thriving housing economy.

In March 2007, the company announced it would close 49 stores and lay off approximately 650 employees, including shutting down all California locations and most Southeastern outlets. By June of that year, Tweeter Home Entertainment filed for Chapter 11 bankruptcy protection. After an unsuccessful reorganization attempt, its assets were acquired by Schultze Asset Management at auction on July 13, 2007. Subsequently, Schultze restructured the business into Tweeter Opco LLC.

Despite efforts to revive operations, Tweeter Opco filed for Chapter 11 bankruptcy again on November 5, 2008. Prior to this filing, liquidation sales had begun ahead of the holiday shopping period. However, disagreements among creditors over funds to sustain these sales led to the closure of every store on December 3, 2008. All 600 employees were terminated as the company converted its Chapter 11 case into a Chapter 7 liquidation. Customers who had made payments or deposits found these funds frozen as part of the bankruptcy estate, forcing many to register as creditors during the liquidation process.

TWTR Inc.

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

On October 4, 2013, more than six years following the asset divestiture—and nearly five years after the permanent closure of the Tweeter retail chain—shares of TWTR Inc., then still trading under the symbol "TWTRQ," surged to nearly 1,500% above the prior day's closing value (rising from $0.007 to $0.15). The stock eventually settled at $0.051, marking an increase exceeding 684%, after trading was suspended at 12:42 p.m. EDT. This spike coincided with Twitter, Inc.’s release of its preliminary initial public offering registration documents the day before, which disclosed plans to adopt the ticker "TWTR"—the same symbol previously used by Tweeter before its bankruptcy—which apparently caused investor confusion. Shortly following these events, the company altered its ticker to "THEGQ". TWTR Inc. was officially dissolved on April 23, 2014.

References

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