Tweeter bankruptcy

fireshoes
fireshoes Posts: 3,167
edited June 2007 in The Clubhouse
http://www.twice.com/article/CA6450977.html

Tweeter filed for Chapter 11 yesterday, and according to this Twice article, they owe Polk Audio more than twice as much as anybody else, at $1.2 million.

Manufacturers holding the largest unsecured claims against Tweeter include:

* Polk Audio, $1.2 million;
* AudioQuest, $536,981;
* Bose, $472,410;
* Omnimount Systems, $388,244;
* Universal Remote Control, $333,513;
* DirecTV, $326,524; and
* JL Audio, $301,460.
Post edited by fireshoes on
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Comments

  • AndyGwis
    AndyGwis Posts: 3,655
    edited June 2007
    Yet, they still won't haggle with me on their clearance / close-out items.

    I need to haggle, damn it! 50% off demo/showroom speakers isn't enough for me. That's just like used prices, and demo gear is often in worse shape.
    Stereo Rig: Hales Revelation 3, Musical Fidelity CD-Pre 24, Forte Model 3 amp, Lexicon RT-10 SACD, MMF-5 w/speedbox, Forte Model 2 Phono Pre, Cardas Crosslink, APC H15, URC MX-950, Lovan Stand
    Bedroom: Samsung HPR-4252, Toshiba HD-A2, HK 3480, Signal Cable, AQ speaker cable, Totem Dreamcatchers, SVS PB10-NSD, URC MX-850
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  • Gaara
    Gaara Posts: 2,415
    edited June 2007
    Just because they filed for chapter 11 doesn't mean they are closing, they will reorganize the company and try and become profitable, if that fails then they will shutdown.
    The Basement HT
    PC Rig
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  • venomclan
    venomclan Posts: 2,467
    edited June 2007
    I wonder if that includes Sound Advise, it is a Tweeter-owned company down here.
    V
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  • Toxis
    Toxis Posts: 5,116
    edited June 2007
    BB strikes again. I swear, we're living in a Wal-Mart electronics world now.


    Sad.
    Never kick a fresh **** on a hot day.

    Home Setup: Sony VPL-VW85 Projo, 92" Stewart Firehawk, Pioneer Elite SC-65, PS3, RTi12 fronts, CSi5, FXi6 rears, RTi6 surround backs, RTi4 height, MFW-15 Subwoofer.

    Car Setup: OEM Radio, RF 360.2v2, Polk SR6500 quad amped off 4 Xtant 1.1 100w mono amps, Xtant 6.1 to run an eD 13av.2, all Stinger wiring and Raammat deadener.
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  • MSALLA
    MSALLA Posts: 1,602
    edited June 2007
    I read they are closing 33% of the stores nation wide and will move to the higher end equipment. Big box stores are killing them.
    Michael


    Samsung 50" HD DLP
    Yamaha RX-V2500
    (2) Outlaw 200
    Adcom GFA 555
    Sony BDP300
    Denon 2900 DVD
    Lsi9's mains
    Lsi7's rear
    Lsic center
    12.1 SVS driver in 4.53 cuft. tube
    Harmony 880
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  • jhermance
    jhermance Posts: 214
    edited June 2007
    Well i work at one of the Tweeter store's that is closing guy's and let me tell you what it sucks ****. The whole price haggling has nothing to do with the employees i hope they told you that it's all the liquidation company that tells us what can happen. But you might have a bit better luck now that they have gone and pulled all of the employees severance package's about a week and a half before the store's are closing. The whole thing sucks though they are closing 49 of 153 store's nationwide. Stick it out though cause when it get's down to the final days price's will start to become more flexible. Good luck finding the good deals guy's there out there. I got a 50" Pioneer Elite for $1700 after Tax and a M Design Eleganza Bella 1200 Sub Reg. $3499.99 for $600 after tax. So keep looking there there.
    Samsung UN46C7000
    Cambridge Audio 640R
    Sony BDP-S570
    Magnepan MMG's
    Totem Dreamcatcher Center
    Eleganza™ Bella 1200 High Performance Subwoofer
    Polk R15 Surrounds
    Audioquest Cables
    Panamax 5510-PRO AC Regenerator
    Monster Cable HTS 2500 MKII power cleaner
    Nordost Blue Heaven Interconnects
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  • jrlouie
    jrlouie Posts: 462
    edited June 2007
    Does anyone know if the Tweeter in downtown Chicago (Michigan Ave) is closing out and having any big sales? Just curious.
    Thanks.
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  • mantis
    mantis Posts: 17,183
    edited June 2007
    Yes We did. But I think it's a good thing. Company is going through a restructure and Nothing really seems any different from my neck of the woods.
    We are still busy and moving gear. Hopefully this turns out to be a turning point in the company and we can move forward towards our goals. getting away from Chain like status and back to Speciality stores.
    I believe we grew to fast for our own good. We had around 200 stores at one time and I thought it was to fast.

    I still love my job and have it....Cool.

    Dan
    Dan
    My personal quest is to save to world of bad audio, one thread at a time.
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  • icky4
    icky4 Posts: 27
    edited June 2007
    My buddy got a great deal on an Audison amp there! He ended up not using it and I got an even better deal!
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  • jrlouie
    jrlouie Posts: 462
    edited June 2007
    icky4 wrote: »
    My buddy got a great deal on an Audison amp there! He ended up not using it and I got an even better deal!
    Answering my question? From the downtown Chicago store?
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  • MSALLA
    MSALLA Posts: 1,602
    edited June 2007
    mantis wrote: »
    Yes We did. But I think it's a good thing. Company is going through a restructure and Nothing really seems any different from my neck of the woods.
    We are still busy and moving gear. Hopefully this turns out to be a turning point in the company and we can move forward towards our goals. getting away from Chain like status and back to Speciality stores.
    I believe we grew to fast for our own good. We had around 200 stores at one time and I thought it was to fast.

    I still love my job and have it....Cool.

    Dan

    What do we have to look forward to from the restructured Tweeter?
    Michael


    Samsung 50" HD DLP
    Yamaha RX-V2500
    (2) Outlaw 200
    Adcom GFA 555
    Sony BDP300
    Denon 2900 DVD
    Lsi9's mains
    Lsi7's rear
    Lsic center
    12.1 SVS driver in 4.53 cuft. tube
    Harmony 880
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  • aaharvel
    aaharvel Posts: 4,489
    edited June 2007
    My uncle and I picked up a 50" Pioneer Elite 1080i plasma with extended warranty and delivery for $2800 last Wednesday. Their loss, my gain.
    H/K Signature 2.1+235
    Jungson MagicBoat II
    Revel Performa M-20
    Velodyne cht-10 sub
    Rega P1 Turntable

    "People working at Polk Audio must sit around the office and just laugh their balls off reading many of these comments." -Lush
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  • sucks2beme
    sucks2beme Posts: 5,600
    edited June 2007
    mantis wrote: »
    Yes We did. But I think it's a good thing. Company is going through a restructure and Nothing really seems any different from my neck of the woods.
    We are still busy and moving gear. Hopefully this turns out to be a turning point in the company and we can move forward towards our goals. getting away from Chain like status and back to Speciality stores.
    I believe we grew to fast for our own good. We had around 200 stores at one time and I thought it was to fast.

    I still love my job and have it....Cool.

    Dan


    Let's hope putting B&K back in the demo rooms is in the future?
    Either way, it won't make a difference to many of us. There will be no stores
    in decent driving range.
    "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
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  • jhermance
    jhermance Posts: 214
    edited June 2007
    Well keep on the prowl guy's the Company as a whole may not be around for too much longer but you didn't hear it from me. Oh and sorry to berak it to you but the just because the store's are closing has nothing to do with you getting the tv so cheap it's just cause the company order so many extra's the just want them gone before the new just come's out. You couldn't have got them from a closing store anyway's because the first people that get laid off are the home delivery guy's followed by the installer's.
    Samsung UN46C7000
    Cambridge Audio 640R
    Sony BDP-S570
    Magnepan MMG's
    Totem Dreamcatcher Center
    Eleganza™ Bella 1200 High Performance Subwoofer
    Polk R15 Surrounds
    Audioquest Cables
    Panamax 5510-PRO AC Regenerator
    Monster Cable HTS 2500 MKII power cleaner
    Nordost Blue Heaven Interconnects
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  • mantis
    mantis Posts: 17,183
    edited June 2007
    MSALLA wrote: »
    What do we have to look forward to from the restructured Tweeter?

    We are rebuilding our lineup. We are getting away from the Chain store lineup which was a mistake. We use to be a higher end store and that always worked for us. I think you will see good things from us over the next 6 months.

    We are not going anywhere.
    Dan
    My personal quest is to save to world of bad audio, one thread at a time.
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  • mantis
    mantis Posts: 17,183
    edited June 2007
    jhermance wrote: »
    Well keep on the prowl guy's the Company as a whole may not be around for too much longer but you didn't hear it from me. Oh and sorry to berak it to you but the just because the store's are closing has nothing to do with you getting the tv so cheap it's just cause the company order so many extra's the just want them gone before the new just come's out. You couldn't have got them from a closing store anyway's because the first people that get laid off are the home delivery guy's followed by the installer's.

    What are you trying to say???
    Dan
    My personal quest is to save to world of bad audio, one thread at a time.
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  • PolkThug
    PolkThug Posts: 7,532
    edited June 2007
    Hope nobody here is a shareholder, they are being delisted from Nasdaq on Thursday and Tweeter isn't going to appeal.
    Never Forget
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  • TroyD
    TroyD Posts: 13,077
    edited June 2007
    I heard mantis is in the running for CEO.

    BDT
    I plan for the future. - F1Nut
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  • mldennison
    mldennison Posts: 307
    edited June 2007
    aaharvel wrote: »
    My uncle and I picked up a 50" Pioneer Elite 1080i plasma with extended warranty and delivery for $2800 last Wednesday. Their loss, my gain.
    i assume that is the 1140hd model? i picked it up for about the same price last week at tweeter, isn't it fantastic! i am waiting for the first 100 hours before i fiddle with the colors but already it is so nice.
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  • aaharvel
    aaharvel Posts: 4,489
    edited June 2007
    You betcha. According to Tweeter, ISF calibration is done at the factory for Elite models (whatever) but in all honesty ISF isn't even needed. Tweeter delivered and calibrated it to 6500k using the "PURE" mode and DVD Essentials disc. The only supposed weak point on previous Pioneer plasmas was the black level. Not so anymore. It is perfect. 1080p isn't even needed unless you get something larger than 50" and sit closer than 8 feet.
    H/K Signature 2.1+235
    Jungson MagicBoat II
    Revel Performa M-20
    Velodyne cht-10 sub
    Rega P1 Turntable

    "People working at Polk Audio must sit around the office and just laugh their balls off reading many of these comments." -Lush
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  • jflail2
    jflail2 Posts: 2,868
    edited June 2007
    PolkThug wrote: »
    Hope nobody here is a shareholder, they are being delisted from Nasdaq on Thursday and Tweeter isn't going to appeal.


    Their shares have been in a steady decline since May of 2006. I'd hope someone was out long before then. Good for anyone that shorted them though!
    2007 Club Polk Football Pool Champ

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    2011 Club Polk Football Pool Champ


    "It's like a koala bear crapped a rainbow in my brain!"
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  • sucks2beme
    sucks2beme Posts: 5,600
    edited June 2007
    Their current business model was very bad. Mass market stuff was expensive.
    Higher end stuff was spotty and poorly displayed.
    The only positive is BB has gotten stupid. Their addition of Magnolia at many stores is a lame **** attempt to get higher end traffic. Magnolia dropped AQ cables because Aq in one room and Monster on the floor for sale was confusing customers? That is management that doesn't understand high end.
    Their business model for Magnolia looks like Tweeter's did. That will cost
    BB in the long run.
    "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
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  • jhermance
    jhermance Posts: 214
    edited June 2007
    Technically ISF calibration should be done once a year and it is not done at the factory. It has to be done by a certifed tech. On top of have to be done once a year it should be done for every video input you use. There is also a day and night ISF calibration.
    Samsung UN46C7000
    Cambridge Audio 640R
    Sony BDP-S570
    Magnepan MMG's
    Totem Dreamcatcher Center
    Eleganza™ Bella 1200 High Performance Subwoofer
    Polk R15 Surrounds
    Audioquest Cables
    Panamax 5510-PRO AC Regenerator
    Monster Cable HTS 2500 MKII power cleaner
    Nordost Blue Heaven Interconnects
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  • rskarvan
    rskarvan Posts: 2,374
    edited June 2007
    Well, you can't blame this closing on high priced UAW wages. Just corporate greed run amuck.
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  • sucks2beme
    sucks2beme Posts: 5,600
    edited June 2007
    rskarvan wrote: »
    Well, you can't blame this closing on high priced UAW wages. Just corporate greed run amuck.


    More like corporate stupidity. Some MBA's need to come out of the tower
    and tour a few stores. I'm sure many of the store managers could of told them what was wrong in about 10 minutes.
    "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
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