Ultimate Electronics files for Chap. 11
Glowrdr
Posts: 1,103
Ultimate Electronics Inc., the operator of 46 home-entertainment and electronics stores, filed for bankruptcy, citing decreased sales at certain locations and refusal of some suppliers to ship goods on credit.
In Chapter 11 papers filed late Wednesday in U.S. Bankruptcy Court in Wilmington, Del., the company listed both assets and debt in the range of $100 million to $500 million. An affiliate, CC Retail LLC, also sought protection.
Ultimate, based in Thornton, Colo., plans to use Chapter 11 to streamline its operations, close underperforming locations, negotiate more favorable leases and improve profitability, F. Bruce Giesbrecht, Ultimate's chief executive officer, said in court papers.
Ultimate Electronics has six stores in Minnesota -- in Burnsville, Edina, Maple Grove, Minnetonka, Roseville and Woodbury.
Cory Eimer, the operations manager at the Edina Ultimate Electronics store, declined to comment except to say that the store will continue to be open its regular hours.
Wattles Capital Management owns 71 percent of Ultimate. Mark Wattles, the president of the investment company, was chairman and founder of Hollywood Entertainment Corp., which was acquired and later liquidated in Chapter 11 as part of Movie Gallery Inc.
Hewlett-Packard Co. owns 25 percent of Ultimate. Secured lender General Electric Capital Corp. is owed $64.8 million, court papers show.
In Chapter 11 papers filed late Wednesday in U.S. Bankruptcy Court in Wilmington, Del., the company listed both assets and debt in the range of $100 million to $500 million. An affiliate, CC Retail LLC, also sought protection.
Ultimate, based in Thornton, Colo., plans to use Chapter 11 to streamline its operations, close underperforming locations, negotiate more favorable leases and improve profitability, F. Bruce Giesbrecht, Ultimate's chief executive officer, said in court papers.
Ultimate Electronics has six stores in Minnesota -- in Burnsville, Edina, Maple Grove, Minnetonka, Roseville and Woodbury.
Cory Eimer, the operations manager at the Edina Ultimate Electronics store, declined to comment except to say that the store will continue to be open its regular hours.
Wattles Capital Management owns 71 percent of Ultimate. Mark Wattles, the president of the investment company, was chairman and founder of Hollywood Entertainment Corp., which was acquired and later liquidated in Chapter 11 as part of Movie Gallery Inc.
Hewlett-Packard Co. owns 25 percent of Ultimate. Secured lender General Electric Capital Corp. is owed $64.8 million, court papers show.
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Pioneer Elite SC-37
Polk Monitor 70's (2)
Polk Monitor 40's (4)
Polk Monitor CS2
Polk DSW Pro 660wi
Oppo BDP-93
Squeezebox Duet
Belkin PureAV PF60
Dish Network "The Hoppa"
Post edited by Glowrdr on
Comments
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They opened two new stores in the Kansas City area a few years ago,just to close them about a year later...the only time they ever offered a slight discount off of list price,was when they were going out of business.
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They've been out of Texas since the last time they filed.
I'm waiting for Conn's to file next. They have been trying to compete with
BB for a couple of years in the central South, but I have no idea what's
keeping them afloat. I don't think that 3d tv is going to save any of
them. Just about everyone has their flat screen, and other than a bedroom
setup or an upgrade,tv sales are going to taper off."The legitimate powers of government extend to such acts only as are injurious to others. But it does me no injury for my neighbour to say there are twenty gods, or no god. It neither picks my pocket nor breaks my leg." --Thomas Jefferson -
They moved in here a couple of years back. Moved into the building where Circuit City had been:biggrin: Now they appear to be going down the same old tube.TO ERR IS HUMAN. TO FORGIVE IS CANINE.
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Another one bites the dust , awesome now there are even less places to listen and buy audio and video.
The choices on the street are getting very slim. I'm sad about this. God I wish the old days would come around again when I could walk out my door and have at least 7 choices on where I wanted to go.Dan
My personal quest is to save to world of bad audio, one thread at a time. -
So whats left? I Best buy? maybe in the Magnolia section, small independent shops. They filed back in 05 and thats when Waddles bought them out, maybe somebody else will buy them out again.
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The places to buy audio here is really down to one store and BB. One audio store where I bought my Technics turntable 32 years back has had to become a home theater installer almost exclusively. More and more people are into HT and many of them couldn't care about the fidelity......just so it's loud! The one true audio store we have here recently changed owners and my old 25% discount is now down to 15%. They carry the B&W line and the Nautilus speakers are super expensive.TO ERR IS HUMAN. TO FORGIVE IS CANINE.
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Well there is always Walmart!!!
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i know of at least one store in lubbock tx.Amplifiers: Norma IPA 140, MasterSound Compact 845, Ayre v6xe, Consonance Cyber 800
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Puritan PSM156 -
Anyone else been browsing their sales to this point? I was in last night and there isn't much of anything to pick through based on what they consider a "sale". Blu rays are 30% off when you buy 5 or more which was worthwhile because they have a lot to go through with many of them being priced at 10 or 15 bucks... ended up with 5 for 54 dollars after tax...
Anyways, they are also selling off all of their fixtures and they have a huge theater room with wall to wall and floor to ceiling sound panels. I put in a request to be contacted when they are available for sale so hopefully I could grab one or two and resize them to my own needs.
Anyone else starting to play chicken with other buyers to find that one hidden gem? -
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The liquidation sales here are more expensive than when they were in normal business..Main Surround -
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Never heard of them. Oh well doesn't sound like they were great anyway.
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The liquidation sales here are more expensive than when they were in normal business..
+1
Their prices was very high. I was in there last month looking at a TV that was $2799 on sale for $1999. With the liquidation sale that $2799 TV was $2499. -
Just got back from Ultimate with 3 fibre glass sound panels out of their demo room. All nicely wrapped in a tan color cloth. 2 of them are 4x6 feet and an inch thick and then I got a 4x8 footer for my back wall. Talked them down to 120 for all 3 instead of 50 each. I think a VERY solid deal considering they came with the mounting hardware and they gave me the rope to tie the hatch down with to get them home.
If anyone is looking for some sound panels I'd go give them a look.
