Tweeter (store)
| File:Tweeterlogo.jpg | |
| Company type | Limited liability company |
|---|---|
| Industry | Consumer electronics retail |
| Founded | 1972 (Boston) |
| Defunct | 2008 |
| Headquarters | Canton, MA |
| Website | tweeter.com |
Tweeter Opco, LLC (Template:Pinksheets) was a specialty consumer electronics retailer providing high end electronic equipment, including flat panel TVs, plasma TVs, car radios, home theater systems, GPSs and more. Tweeter also offered top of the line products which can be installed in one's home, office, backyard, and even one's car.
The company had more than 100 stores in 18 U.S. states, mostly along the east coast, but also including Illinois, Texas, and Arizona, operating under the names Tweeter, HiFi Buys, Showcase Home Entertainment and Sound Advice.
The company was founded by Sandy Bloomberg who opened the first store in the Boston area in 1972, and the company quickly expanded throughout New England [1].
Tweeter's largest expansion came in 1996 when they purchased Bryn Mawr Stereo and acquired all their locations [2].
In March 2007, Tweeter announced the closing of 49 stores and the layoffs of 650 employees [3]. In October 2008 the company's CEO stepped down, Tweeter was sold to a liquidator, and will close all stores within a target date of mid December.
Tweeter's closing can be attributed to their lack of a niche market and inability to adapt to a changing market place. Squeezed between Best Buy targeting mid to high end buyers through its Magnolia HiFi departments and stores and ultra high end mom and pop stores, Tweeter lost its hold on the market place. Furthermore Tweeter's boasts to have the most knowledgeable sales staff of any competitor was also negated by the inability to competitively compensate, train and ultimately keep a knowledgeable sales staff.
Now in the hands of liquidators, the company's headquarters in Canton will close by 12/31/2008.[4]
Tweeter and its liquidators and bankruptcy judges have decided that customers who have deposits held by the store will lose them to the bankruptcy. However, people who have gift cards are allowed to use them until the stores close in December sometime. Anyone who made a deposit for services for installations, etc. simply gift wrapped their deposit as a donation to the bankruptcy coffers. They cannot even use the deposit towards buying a TV, or getting merchandise in return. Can someone please explain how a bankruptcy judge can live with themselves making this kind of ridiculous decision?
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