Tweeter recently took the deep plunge of filing for chapter 7 bankruptcy last week much to the surprise of some of their creditors and vendors however industry trade magazine, Twice, is reporting that the chain might reopen its doors tomorrow to further liquidate their inventory. Tweeter was one of the largest mid-level retailers in the marketplace having acquired regional retailers such as Bryn Mawr Stereo, Hi-Fi Buys and Dow in San Diego. Tweeter saw boom times with the advent of flat HDTVs but didn't embrace custom installation in a meaningful way thus ended up road kill to the big-box retailers like Best Buy, Costco and Wal-Mart who sell HDTVs at margins that Tweeter couldn't compete with.
If Tweeter reopens its doors tomorrow - opportunistic consumers should be looking for Blu-ray players, flat 1080p HDTV and other audio goodies from the likes of MartinLogan and Polk. As they say in Vegas "cash plays" so why not make an offer to own your dream gear. Just make sure you get there early enough to not miss out on the feeding frenzy.
It is unlikely that anyone will rescue Tweeter from their financial situations and I think congress is tired of being asked for Federal bailouts. At this stage, the once mighty company will need to make the most of the inventory and fixtures they have in the stores so they can pay the companies they owe pennies on the dollars. Note: the legal team secured $1,200,000 for their fees as the lawyers always get paid first don't they?
