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Thread: Ultimate Electronics Going Out of Business

  1. #1
    New Member Link's Avatar
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    Ultimate Electronics Going Out of Business

    As of January 27, 2011, the company filed for Chapter 11. According papers filed in U.S. Bankruptcy Court in Wilmington, Delaware, the company listed both assets and debt in the range of $100 million to $500 million. Among the largest unsecured creditors are Video Products Distributors, owed $6.1 million; Valassis Communications Inc., owed $5.6 million; New Age Electronics/Synnex, owed $5.5 million; and Sony Electronics Inc., owed $4.8 million, court papers show. Secured lender General Electric Capital Corp. is owed $64.8 million.

    This is the second time in 6 years that the company has filed for Chapter 11.The owners of Ultimate Electronics have asked a U.S. Bankruptcy Court for permission to sell off its inventory and close all 46 stores. Ultimate has an agreement with its consultants to begin going-out-of-business sales no later than Feb. 12 and to finish the job no later than April 15, court documents said.
    I know wikipedia isn't the best place to quote from, but when you mix that with real experiences you can say its true. I bought Darksiders for the PS3 for 17$ and the one in ABQ was not all that low on its stock.
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  2. #2
    Senior Member JoostinOnline's Avatar
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    Ultimate Electronics is always overpriced, at least where I live. The one reason I will be sad to see it go is that it makes Best Buy the only electronics store left in OKC, so it's not like there will be much competition for the lowest prices. First it was CompUSA, then Circuit City, and now Ultimate Electronics.

    There are still places like Walmart (like that is gonna go) and Target, but they just have electronics departments.
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