Bankruptcy trustee: Tweeter stores won't reopen
Tweeter, the Canton-based consumer electronics, will not reopen its stores to complete a going-out-of-business sale, a scenario once raised as a possibility, and currently no money is available to pay employees for bonuses and vacation pay they are still owed, the trustee in the Tweeter bankruptcy said today.
Tweeter's stores shut down earlier this month, just days before a going-out-of-business sale was supposed to end. Liquidators in the case asked the bankruptcy court to reopen the stores to continue the going-out-of-business sale, but George L. Miller, the bankruptcy trustee in the case, said today, "That's not a possibility."
A Dec. 4 story in the Globe noted that Wells Fargo was Tweeter's largest secured creditor.
According to Miller, Wells Fargo is claiming that it has no obligation to turn any money over to the bankruptcy trustee; as a result of that position, the trustee has no money for employee bonuses and vacation pay at this time.
With Tweeter stores not reopening, remaining merchandise will be either sold online or through other channels, said Miller, who added that he expects all Tweeter stores to be cleared out by the end of the calendar year.
Some customers made payments on merchandise that they hadn't picked up before the Tweeter stores closed.
Customers who used credit cards in those transactions can stop payment, Miller said.
Miller said of Tweeter customers, "No one, in my opinion, is going to lose money that I have knowledge of."
To read recent Globe coverage of Tweeter, please click here.
(By Chris Reidy, Globe staff)