Tweeter is shutting down, some employees say
National liquidators Hudson Capital Partners and Tiger Capital have bought struggling electronics chain Tweeter, and the Canton merchant will likely be shuttered in the next four to six weeks, according to store employees.
A liquidation sale on the merchandise is underway, and the company will stop its installation services on Nov. 14th.
Tweeter's assets were purchased by the New York investment firm Schultze Asset Management in July 2007 for $38 million after Tweeter initially filed for bankruptcy protection last year. Schultze, which continued to operate Tweeter's roughly 100 stores, declined to comment. Jim Schaye, president of Hudson Capital Partners in Newton, confirmed the liquidation of Tweeter.
The final unraveling of Tweeter comes as the electronics industry continues to founder, with Circuit City announcing plans today to close 155 stores and cut 17 percent of its domestic workforce.
To read some other stories about Tweeter, please click here.
(By Jenn Abelson, Globe staff)