Tweeter (store)
| 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 (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 the time of closure) |
Tweeter, which was previously known as Tweeter Etc. and Tweeter Home Entertainment, operated as a specialty retailer in consumer electronics, focusing on mid- to high-end merchandise such as flat panel televisions, plasma TVs, automotive audio systems, home theater equipment, and GPS navigation units. The company also provided tailored electronics installation services for residential and automotive settings.
At its height, Tweeter maintained a network exceeding 100 retail outlets across 18 states in the U.S., predominantly situated along the East Coast but also present in Illinois, Texas, California, Nevada, and Arizona. The business operated under multiple brand names including Tweeter, HiFi Buys, Showcase Home Entertainment, and Sound Advice.
Established in Boston in 1972 by Sandy and Michael Bloomberg, Tweeter quickly expanded throughout the New England region. Its growth strategy was largely driven by a series of acquisitions: Bryn Mawr Stereo in 1996; Atlanta’s HiFi Buys in 1997; DOW Stereo/Video based in San Diego in 1999; Chicago’s United Audio Center and Douglas TV stores both in 2000; and Florida’s Sound Advice in 2001. These purchases extended its market presence into the Southeast and Midwest during a period of robust housing market growth.
In March 2007, amid financial difficulties, Tweeter announced plans to close 49 stores and reduce its workforce by 650 employees. This included shutting down all locations in California as well as most stores in the Southeastern U.S. By June 2007, the company filed for Chapter 11 bankruptcy protection; subsequently, Schultze Asset Management acquired its assets in July 2007 and reorganized the business under the name Tweeter Opco LLC.
Despite restructuring efforts, Tweeter Opco filed again for Chapter 11 bankruptcy protection in November 2008. A dispute with creditors over operational funds resulted in all stores closing by December 3, 2008, the dismissal of approximately 600 employees, and conversion to Chapter 7 liquidation proceedings. Customers who had prepaid for products found their funds frozen and became unsecured creditors during the liquidation process.
TWTR Inc.
Following the initial Chapter 11 filing and asset acquisition by Schultze in 2007, the original corporate entity was reduced to a shell company renamed TWTR Inc. On October 4, 2013, shares of TWTR Inc., trading under the symbol "TWTRQ," experienced an extraordinary spike of up to 1,500% due to confusion with Twitter, Inc.’s upcoming IPO that planned to use the ticker "TWTR." The stock closed with a gain of 684% before trading was suspended. Later on, TWTR Inc. altered its ticker symbol to "THEGQ" and officially ceased operations on April 23, 2014.