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Tweeter filed in the US Bankruptcy Court for the District of Delaware. "After considering a wide range of alternatives, it became clear that this course of action was a necessary and responsible step toward preserving Tweeter's viability as we address our financial challenges and work to secure our future," said Tweeter president and CEO Joe McGuire in a statement.

Tweeter executives say they expect to keep their stores open for business and operations running normally. The move follows the closing of 49 stores, leaving the retailer with 104 units.

The store closures are leading to the exit of California, Tennessee, Alabama, New York, and parts of Georgia. For the second quarter, which ended March 31, Tweeter took a write-down of $25.4 million due to costs related to the shutting of units.