Nostalgic Retail Series #29 - TWEETER
Founded by Sandy and Michael Bloomberg in 1972 in Boston, Tweeter was a consumer electronics retailer.
At its peak, the retailer had over 100 stores that spanned 18 states and operated under multiple (acquired) brands in addition to Tweeter: HiFi Buys, Showcase Home Entertainment and Sound Advice.
Tweeter grew mostly through acquisitions, acquiring Bryn Mawr Steroe in 1996, HiFi Buys in 1997, DOW Stereo/Video in 1999, United Audio Center and Douglas TV in 2000, and Sound Advice in 2011.
In early 2007, Tweeter starting closing stores due to financial struggles caused by aggressive expansion, intense competition from larger retailers like Best Buy, a declining market for high-end audio equipment, and ultimately filed for Chapter 11 bankruptcy protection in June 2007.
After a failed reorganization plan, the assets were purchased by Schultze Asset Management at auction. The company then became Tweeter Opco LLC and an attempt to revive the company happened throughout 2007 and 2008. It ultimately failed and Chapter 11 protection was filed for in November 2008. A dispute among creditors regarding operating cash forced the closure of all stores in December 2008 and Tweeter Opco filed to conver to Chapter 7 liquidation.
