Ultimate Electronics
| Former type | Private |
|---|---|
| Industry | Retailing |
| Fate | Liquidated. |
| Founded | 1968 nee SoundTrack |
| Defunct | April 15, 2011 |
| Headquarters | Thornton, Colorado, USA |
| Key people | Mark Wattles |
| Products | Retailing-Electronics |
| Website | None |
Ultimate Electronics was a chain of consumer electronics stores[1] which filed for bankruptcy twice after 2006, liquidating and ceasing operations in 2011.[2][3][4] At its peak, the store operated in Arizona, Colorado (where it originated as Pearse Electronics), Illinois, Iowa, Kansas, Minnesota, Missouri, Nevada, New Mexico, Oklahoma, Oregon, Massachusetts, New Hampshire, New York, Texas, Pennsylvania, Utah, and Wisconsin, and was originally incorporated in the state of Delaware with principal offices in Thornton, Colorado.
Ultimate began a large expansion campaign in 2000 and by 2004 the company had doubled its store count to 64, ending in bankruptcy.
Hollywood Video founder and then CEO Mark Wattles acquired 32 stores in the ensuing bankruptcy auction thus closing the remaining half.[5] In November 2010, Ultimate Electronics opened a store in Tigard, Oregon.[6] It was the only store on the west coast, though Wattles had hoped to open 14 more Ultimate Electronics stores in Salem and the Portland Metro Area.[citation needed] Ultimate Electronics was then a privately owned company operated by Ultimate Acquisition Partners, L.P. Ultimate Acquisition Partners, L.P was a division of Wattles Capital Management, LLC.[7] Wattles Capital Management owned 71% of Ultimate Electronics, while Hewlett-Packard Co. owned 25%.[8]
As of January 27, 2011, the new company itself filed for Chapter 11 bankruptcy, ultimately choosing to liquidate.[9] According to papers filed in U.S. Bankruptcy Court in Wilmington, Delaware, the company listed both assets and debt in the range of $100 million to $500 million. Among the largest unsecured creditors were Video Products Distributors (owed $6.1 million); Valassis Communications Inc. ($5.6 million); New Age Electronics/SYNNEX ($5.5 million); and Sony Electronics Inc., ($4.8 million). Secured lender General Electric Capital Corp. was owed $64.8 million.[10].
[edit] References
- ^ http://www.enotes.com/ultimate-electronics-inc-reference/ultimate-electronics-inc
- ^ http://www.oregonlive.com/business/index.ssf/2011/02/ultimate_electronics_begins_li.html
- ^ http://www.denverpost.com/commented/ci_17216957
- ^ http://www.bizjournals.com/kansascity/stories/2005/01/10/daily19.html
- ^ http://www.allbusiness.com/sales/internet-ebay/432082-1.html
- ^ http://www.oregonlive.com/business/index.ssf/2010/11/mark_wattles_back_with_ultimat.html
- ^ http://www.wattlescapitalmanagement.com/about.html
- ^ http://www.oregonlive.com/business/index.ssf/2011/02/ultimate_electronics_looks_to.html
- ^ Ultimate Electronics asks court to hold going-out-of-business sale, last visited 08 Feb 2011
- ^ http://www.bloomberg.com/news/2011-01-27/ultimate-electronics-files-for-bankruptcy-as-suppliers-curtail-shipments.html
[edit] External links
- Official site - Defunct as of 14 April 2011
