United Audio Centers
| 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 closure) |
Tweeter, previously known as Tweeter Etc. and Tweeter Home Entertainment, specialized in retailing mid to high-end consumer electronics such as flat panel televisions, plasma TVs, car radios, home theater systems, and GPS devices. The company also dedicated significant efforts to custom electronic installations for residential and automotive applications.
Operating over 100 stores across 18 states, primarily on the East Coast but also extending to Illinois, Texas, California, Nevada, and Arizona, the business conducted operations under several brand names including Tweeter, HiFi Buys, Showcase Home Entertainment, and Sound Advice.
Established by Sandy and Michael Bloomberg with the inaugural store opening in the Boston area in 1972, the enterprise rapidly expanded throughout the New England region.
Tweeter’s growth was significantly driven by acquisitions, beginning with Bryn Mawr Stereo in 1996. Subsequently, it 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 the closure of 49 outlets along with layoffs affecting 650 staff members; this included shuttering all California locations and most stores in the Southeastern U.S. By June 2007, Tweeter Home Entertainment sought protection under Chapter 11 bankruptcy. After an unsuccessful restructuring attempt, its assets were acquired at auction by Schultze Asset Management on July 13, 2007. The business was then restructured as Tweeter Opco LLC.
Despite efforts to revive operations, Tweeter Opco filed for Chapter 11 bankruptcy again on November 5, 2008. Prior to this filing, the company initiated going-out-of-business sales ahead of the holiday season. However, conflicts among creditors regarding funding for ongoing sales led to an abrupt shutdown of all stores on December 3, 2008. This resulted in the termination of approximately 600 employees and conversion of the bankruptcy case from Chapter 11 reorganization to Chapter 7 liquidation. Customers reported that payments for merchandise and deposits were frozen as part of the company’s assets during liquidation proceedings, compelling them to register as creditors to recover losses.
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..[1]
On October 4, 2013, over six years after divesting its assets and nearly five years following 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 US$0.007 to $0.15). By market close, the price settled at $0.051—an increase exceeding 684%—after trading was suspended at 12:42 pm EDT. The spike coincided with Twitter, Inc.'s preliminary disclosures for its initial public offering filed the day before, which indicated plans to adopt "TWTR" as its stock ticker—a symbol formerly associated with Tweeter prior to its bankruptcy—leading to investor confusion.[2] Shortly following this event, the company updated its ticker symbol to "THEGQ". TWTR Inc. was officially dissolved on April 23, 2014.[3]
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- ↑ https://www.sec.gov/files/litigation/admin/2014/34-71996.pdf