Tweeter seeks court approval of store closing sale

By Caroline Salls

Pittsburgh, June 28 - Tweeter Home Entertainment Group, Inc. requested court approval to hold store closing sales or sell store inventory as part of a sale of substantially all company assets, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company set bid procedures for three asset sale options, including a going concern sale, a store closing or inventory liquidation sale or a miscellaneous asset sale in light of a liquidity crisis.

In addition to purchasing the store inventory, a store closing agent would implement a retention program to encourage current employees to stay with the company during the store closing sale.

The store closing sales and agency agreement would be used in conjunction with the going concern sale and the miscellaneous assets sales to achieve the maximum value for the company and creditors, Tweeter said in the motion.

A hearing is scheduled for July 13.

Tweeter, a Canton, Mass., consumer electronics retailer, filed for bankruptcy on June 11. Its Chapter 11 case number is 07-10787.

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