Tweeter Threatens Chapter 11
On May 10, Tweeter Home Entertainment Group announced that it has insufficient working capital to cover its long- and short-term costs and may have to consider filing for Chapter 11. The immediate cause of the shortfall is the cost of closing 49 stores and two distribution centers. <I>This Week in Consumer Electronics</I> reported specifically that lump sum payments to lease-holding landlords was a contributory factor.