Tweeter filed for Chapter 11 in June of this year, after exiting California, Tennessee, Alabama, New York, and parts of Georgia by closing 49 of its, then, 153 locations. The struggling retailer picked up a $60-million debtor-in-possession loan credit facility from General Electric Capital Corp., but is now preparing to part ways with all of its remaining stores.

The locations will remain open until the end of December, while Tweeter executes going out of business sales, according to Ivan Friedman of RCS. In the meantime, the locations will be marketed, particularly citing free-standing, convertible spaces in Massachusetts and Florida. If the stores close--at the end of 2008--without finding a replacement, Tweeter will reject the lease and the space will default back to the property owner.

Tweeter currently has 94 leases throughout the US, in Arizona, Connecticut, Delaware, Florida, Georgia, Illinois, Massachusetts, Maryland, Maine, North Carolina, New Hampshire, New Jersey, Pennsylvania, Rhode Island, South Carolina, Texas and Virginia. The stores range in size from 3,500 square feet to 24,000 square feet.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.