Ultimate Electronics To Liquidate, Close All Stores

Ultimate Electronics, a Colorado-based chain, took on a nationwide expansion in 2010, opening new stores, entering new markets, and taking over a lot of empty retail space abandoned by Circuit City. Now the big-box dream is over: the company filed for Chapter 11 bankruptcy in late January, and announced this week that it will liquidate and close all 46 stores.

The company is going out with class–reports say that landlords are actually forcing many stores to close due to unpaid rent, and the company hasn’t even sent proceeds from charity CDs sold in the Denver area to benefit an AIDS charity and a local food bank.

Ultimate Electronics chain decides to liquidate [Reuters]

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