Tweeter (store)

Tweeter Home Entertainment Group (short tweeter, also tWTR Inc., formerly Tweeter Opco LLC) was an American chain of specialized consumer electronics stores, which was mainly located on the east coast of the United States.

Locations

The company had more than 100 stores in 18 states, mostly on the east coast, but also in Illinois, Texas, California and Arizona. This varied the names of the shops, commonly were next Tweeter also HiFi Buys, Showcase Home Entertainment and Sound Advice.

History

The company was founded in 1972 by Sandy Bloomberg in Boston, where the first shop was established. Already, the company could quickly throughout New England, the Northeast of the U.S., to expand. This was followed by growth-related acquisitions such as 1996 by the enterprise Bryn Mawr Stereo. 2000, the company United Audio Center and Douglas TV stores in Chicago and in 2001 Sound Advice, which was mainly active in Florida, were taken. This secured Tweeter rapid presence in the Southeast and Midwest of the United States in a time of flourishing of the real estate market.

Decline

In March 2007, 49 stores were closed and laid off 650 employees. All businesses in California as well as most in the southeast were affected. In June Tweeter went bankrupt and was sold at auction, after a rescue plan had failed. The company was bought by Schultze Asset Management and renamed the Tweeter Opco LLC. After the failed attempt, the company to regroup and build again, the sell-off began in November 2008. In December of the year finally the remaining 600 employees were laid off.

The tweeter share

Her best times the share price a course of about 45 dollars. This was after the insolvency but a few cents, it was partly to a value of 0.0004 dollars. Beginning of October 2013, the stock rose on a day to 2200 %. According to reports, many shareholders confused the Tweeter shares with shares of the software service Twitter Inc. and therefore acquired 14.5 million shares.