Report: Tweeter Closes Remaining Stores

Wow another example of a VC screwing up a company and killing it. Management should be brought to the front and exposed as this disater unfolds. When a company was built as this was, had a base and can’t be managed to weather the difficult times after the past 3-4 years of business is a disgrace.

What a sad statement and who gets hurt, the employees, investors and customers. We had a client who needed to get a copy of her receipt because her’s was printed on carbonless paper and faded to the point it would not copy. Sony demanded a copy even under the circumtance. She called Tweeter and was told they couldn’t email a copy or fax a copy because of their antiquated system. THEN told her he couldn’t even mail a copy because they don’t have any stamps and he could pay for one!!!

But all the high paid VC’s, mangement and such were being paid good money to destory a company. I hope they have a wonderful holiday!!!

That’s nothing. Tweeter stopped paying their warranty service provider ( service net) way back in August BUT they continued to allow the salespeople to sell warranties to customers even though those warranties are invalid. It so bad that some employees bought warranties on purchases recently that are worthless and the company would NOT refund them the Money. I spoke with 1 Manager from one of the stores and he said to his customers calling complaining about the bad warranties..” I know how you feel, my $200 warranty is bogus and I cant get my money either”.
Wow…Working for a good company like this must have been fun !

GET THIS !!

Watchdog | George Gombossy
  December 3, 2008

Tweeter electronics abruptly shuttered its remaining stores around the country Tuesday morning, locking out employees who were told to forget about getting paid by the bankrupt company.

The employees were told that if they want their promised retention bonuses, paychecks, vacation and sick pay, they would have to stand in line along with other creditors and customers who were taken for hundreds of thousands of dollars.

Store employees claim that expensive equipment, already partly or fully paid for by customers, was also locked up Tuesday, preventing the customers from claiming their merchandise.

A Maryland store manager told me that some stores in his state were closed last week, while the bulk were to have been open until Sunday. But, he said, managers at the stores still open were told Tuesday morning to have everyone leave and lock the doors. Employees complained they were unable to enter the stores to collect their personal belongings.

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He said all employees were promised their full pay, retention bonuses, and pay for accumulated sick time if they continued to work throughout the bankruptcy proceedings. But on Tuesday, he said, they were told it wasn’t going to happen.

“I am out between $4,500 and $6,000,” the manager told me.

The online Internet electronics publication Twice said Tuesday that Tweeter terminated its corporate staff in Canton, Mass., Monday and it, too, reported that the company abruptly closed all of its remaining stores.

Twice reached Tweeter’s chief restructuring officer, Craig Boucher, who declined comment. The New York investment firm Schultze Asset Management owns Tweeter.

Connecticut Attorney General Richard Blumenthal said Tuesday night that his staff is assessing the situation and strategizing about what can be done to help customers and employees.

He said a hearing in a bankruptcy court in Delaware is now scheduled for today on the firm’s request to convert its Chapter 11 reorganization plan to a Chapter 7 liquidation.

Tweeter was once considered one of the top electronic stores in the country, the place to go if you wanted to purchase a high-end television or audio system.

However, in the past few weeks hundreds of customers had their deposits and pre-payments seized, were sold useless warranties, or found out televisions they had brought to the store for repair had disappeared.

Employees insist that they were not involved in cheating customers, and were kept in the dark by management.

scroll up and click on Tweeter’s website. someone has sent Schultze a response. APPLAUSE APPLAUSE APPLAUSE to whoever pulled this off.