[IH8Rice]

ex-northeast electronics powerhouse 6th Ave Electronics is going away after 27 years of business.
the owners of the company are close friends of my family and its sad to see them go away, but serious over expansion was their doom

Springfield, N.J. - Troubled A/V specialty chain Sixth Avenue Electronics has been ordered to cease operations under a temporary restraining order issued over the weekend by a U.S. District Court in New Jersey.

The action was brought by GE Commercial Distribution Finance Corp. (CDF), which said the privately-held dealer had defaulted on a floor-planning loan and was disposing of its remaining inventory without repaying its debts.

"If the borrower's actions continue, the remaining collateral may be dissipated, concealed, or sold to innocent third parties," CDF said in court papers.

Sixth Avenue was also ordered to post a $24 million bond and to appear at a hearing in Newark, N.J., on Wednesday.

Pending a liquidation agreement between the two parties, the court could allow CDF to seize Sixth Avenue's estimated $12 million in remaining inventory, along with equipment and fixtures.

http://www.twice.com/article/475012-Sixth_Ave_Ordered_To_Shut_Down.php

 

[jonKranked]

does this mean they'll be having a fire sale to liquidate assets?

 

[IH8Rice]

does this mean they'll be having a fire sale to liquidate assets?

tl/dr?

 

[CrabJoe StretchPants]

This is most upsetting.

 

[jonKranked]

tl/dr?

of course. i meant one open to the public @ 6th ave locations.

 

[CrabJoe StretchPants]

Bring back the Wiz!

 

[IH8Rice]

of course. i meant one open to the public @ 6th ave locations.

very doubtful. if CDF doesnt seize all of their inventory then a liquidating company will buy it and sell it to other dealers at a significantly reduced cost.

Bring back the Wiz!

hooray for corruption!

 

[CBJ]

Somebody beat the Wiz.

 

[I Are Baboon]

Bring back Lechmere!

 

[CrabJoe StretchPants]

hooray for corruption!

sounds like 6th Ave was following suit.

 

[IH8Rice]

sounds like 6th Ave was following suit.

nope. expanding from a few stores to 20 stores in markets like PA and DE at the start of this recession was their downfall.
there was nothing premeditated about their bankruptcy like there was with The Wiz.

 

[CrabJoe StretchPants]

nope. expanding from a few stores to 20 stores in markets like PA and DE at the start of this recession was their downfall.
there was nothing premeditated about their bankruptcy like there was with The Wiz.

More talking about this:

The action was brought by GE Commercial Distribution Finance Corp. (CDF), which said the privately-held dealer had defaulted on a floor-planning loan and was disposing of its remaining inventory without repaying its debts.

Not exactly kosher.

 

[IH8Rice]

More talking about this:



Not exactly kosher.

an unfortunate side effect and outcome from over expansion.

 

[dante]

Bring back Crazy Eddie!

ftfy.

 

[IH8Rice]

ftfy.

3rd time is the charm supposedly

 

[stevew]

Bring back the Wiz!

 

[IH8Rice]