{{Short description|Electronics retail chain in the United States}} {{About|the defunct retail chain|the loudspeaker driver|Tweeter|social networking site formerly of similar name|Twitter|other uses|Tweeter (disambiguation)}} {{redirect|Douglas TV|TV topics "Douglas"|Douglas (disambiguation)}} {{Use mdy dates|date=July 2017}} {{Infobox company | name = TWTR Inc. | logo = Tweeterlogo.png | type = Limited liability company (Tweeter Opco)<br/>Corporation (TWTR Inc.) | former_names = Tweeter Opco<br>Tweeter Home Entertainment Inc. | founded = {{Start date and age|1972|5|1}} (Boston) | founder = Sandy Bloomberg, Michael Bloomberg | fate = Chapter 11 Bankruptcy And Liquidation | defunct = {{End date and age|2014|4|23}} | location = Canton, MA | locations = 100 (at the time of closure) | key_people = | industry = Consumer electronics retail }} [[Image:2008-08-11 Tweeter store in Durham.jpg|thumb|308px|right|Tweeter store in Durham, North Carolina.]]
'''Tweeter''', formerly '''Tweeter Etc.''' and '''Tweeter Home Entertainment''', was a specialty consumer electronics retailer providing mid and high end electronic equipment, including flat panel TVs, plasma TVs, car radios, home theater systems, GPSs and more. It also focused much of its business on custom installation of electronics for homes and automobiles.
The company had more than 100 stores in 18 U.S. states, mostly along the east coast, but also including Illinois, Texas, California, Nevada and Arizona, operating under the names Tweeter, HiFi Buys, Showcase Home Entertainment and Sound Advice.
The company was founded by Sandy and Michael Bloomberg who opened the first store in the Boston area in 1972, and the company quickly expanded throughout New England.<ref>{{cite web |archiveurl=https://web.archive.org/web/20071011171400/http://www.tweeter.com/aboutus/ |title=Archived Company "About Us" Page |archivedate=October 11, 2007 |url=http://www.tweeter.com/aboutus/ |date=<!--undated--> |author=<!--Staff writer(s); no by-line.-->}}</ref>
Tweeter continued expanding largely through acquisitions, the first of these being Bryn Mawr Stereo in 1996.<ref>{{cite news |url=http://www.highbeam.com/doc/1G1-18176283.html |title=Tweeter Etc. Purchasing Bryn Mawr Stereo |newspaper=HFN The Weekly Newspaper for the Home FurnishingNetwork |via=HighBeam Research |date=April 8, 1996}}{{Dead link|date=November 2014}}</ref><ref name=pdn-1996may17>{{cite news |url=http://articles.philly.com/1996-05-17/business/25626203_1_bryn-mawr-stereo-radio-shack-wiz |archive-url=https://web.archive.org/web/20160121170319/http://articles.philly.com/1996-05-17/business/25626203_1_bryn-mawr-stereo-radio-shack-wiz |url-status=dead |archive-date=January 21, 2016 |title=Bryn Mawr Stereo Stores Sold |newspaper=Philadelphia Daily News |date=May 17, 1996 |first=Rose |last=DeWolf}}</ref> It then added Atlanta-based HiFi Buys in 1997,<ref name=abj-1997mar17>{{cite news |url=http://www.bizjournals.com/atlanta/stories/1997/03/17/story3.html?page=all |title=Boston chain's HiFi buy may be sealed in spring |work=Atlanta Business Journal |date=March 17, 1997 |first=Brendan |last=Murray}}</ref><ref name=bbj-1997mar17>{{cite news |url=http://www.bizjournals.com/boston/stories/1997/03/17/story5.html?page=all |title=Tweeter etc. parent company acquires Atlanta-based HiFi Buys |work=Boston Business Journal |date=March 17, 1997 |first=Andrew P. |last=Mccloy}}</ref> San Diego based DOW Stereo/Video in 1999,<ref name=stereophile-1999may23>{{cite news |url=http://www.stereophile.com/news/10450/ |title=Tweeter to Acquire DOW Stereo/Video |magazine=Stereophile |date=May 23, 1999 |author=<!--Staff writer(s); no by-line.-->}}</ref><ref>{{cite news |url=http://www.thefreelibrary.com/Tweeter+Home+Entertainment+Group+Announces+an+Agreement+to+Acquire...-a054665586 |title=Tweeter Home Entertainment Group Announces an Agreement to Acquire DOW Stereo/Video, Inc. in San Diego, California |date=May 18, 1999 |work=Business Wire |via=The Free Library |author=<!--Staff writer(s); no by-line.--> |access-date=December 2, 2014 |archive-date=December 20, 2014 |archive-url=https://web.archive.org/web/20141220225730/http://www.thefreelibrary.com/Tweeter+Home+Entertainment+Group+Announces+an+Agreement+to+Acquire...-a054665586 |url-status=dead }}</ref> Chicago-based United Audio Center<ref name=stereophile-2000jan23>{{cite news|url=http://beta.stereophile.com/news/10659/index.html |title=Tweeter to Acquire United Audio Centers in Chicago |magazine=Stereophile |date=January 23, 2000 |first=Jon |last=Iverson |url-status=dead |archiveurl=https://web.archive.org/web/20141220230625/http://beta.stereophile.com/news/10659/index.html |archivedate=December 20, 2014 }}</ref><ref name=cscb-2000feb07>{{cite news |url=http://www.chicagobusiness.com/article/20000205/ISSUE01/100013692/new-owner-likely-to-grow-united-audio |title=New owner likely to grow United Audio |newspaper=Crain's Chicago Business |date=February 7, 2000 |first=Eddie |last=Baeb}}</ref> and Douglas TV stores<ref name=ct-2000aug04>{{cite news |url=https://www.chicagotribune.com/2000/08/04/douglas-tv-purchased-for-57-million/ |title=Douglas TV Purchased For $5.7 Million |newspaper=Chicago Tribune |date=August 4, 2000 |author=<!--Staff writer(s); no by-line.-->}}</ref><ref>{{cite news |url=http://www.twice.com/retailing/retailing/tweeter-completes-douglas-tv-purchase/20685 |title=Tweeter Completes Douglas TV Purchase |newspaper=TWICE |archiveurl=https://web.archive.org/web/20130927210110/http://www.twice.com/retailing/retailing/tweeter-completes-douglas-tv-purchase/20685 |archivedate=September 27, 2013 |author=<!--Staff writer(s); no by-line.--> |date=October 2000}}</ref><ref>{{cite news |url=http://www.thefreelibrary.com/Tweeter+Home+Entertainment+Group+Announces+an+Agreement+in+Principle...-a063848962 |title=Tweeter Home Entertainment Group Announces an Agreement in Principle to Acquire Douglas TV, the Big Screen Store, A Four-Store Chain Located in Chicago |work=Business Wire |date=August 3, 2000 |via=The Free Library |author=<!--Staff writer(s); no by-line.--> |access-date=December 2, 2014 |archive-date=December 20, 2014 |archive-url=https://web.archive.org/web/20141220230644/http://www.thefreelibrary.com/Tweeter+Home+Entertainment+Group+Announces+an+Agreement+in+Principle...-a063848962 |url-status=dead }}</ref> in 2000 and Florida-based Sound Advice in 2001.<ref name=sfss-2001jun05>{{cite news |url=http://articles.sun-sentinel.com/2001-06-05/business/0106040722_1_sound-advice-beshouri-tweeter |archive-url=https://web.archive.org/web/20141220230751/http://articles.sun-sentinel.com/2001-06-05/business/0106040722_1_sound-advice-beshouri-tweeter |url-status=dead |archive-date=December 20, 2014 |title=Sound Advice Agrees To Buyout |newspaper=Fort Lauderdale Sun Sentinel |date=June 5, 2001 |first=Marcia Heroux |last=Pounds}}</ref><ref name=twice-2001jun11>{{cite news |url=http://www.twice.com/news/news/tweeter-group-acquire-sound-advice/27290 |title=Tweeter Group To Acquire Sound Advice |magazine=TWICE |date=June 11, 2001 |first=Alan |last=Wolf}}</ref> These acquisitions gave Tweeter an instant presence in the Southeast and Midwest during a booming housing market.
In March 2007, Tweeter announced the closing of 49 stores and the layoffs of 650 employees, and shuttered all of its stores in California and most of its stores in the Southeast.<ref>{{cite news |last=Del Colliano |first=Jerry |url=http://www.avrev.com/news/0307/26.tweeter036.shtml |title=Tweeter To Close 49 Locations |magazine=Audio|Video Revolution |date=March 26, 2007 |url-status=dead |archiveurl=https://web.archive.org/web/20071012204058/http://avrev.com/news/0307/26.tweeter036.shtml |archivedate=October 12, 2007 |df=mdy-all }}</ref> In June 2007 Tweeter Home Entertainment filed for Chapter 11 bankruptcy protection and its assets were purchased by Schultze Asset Management at auction on July 13, 2007, after a failed reorganization plan.<ref name="pardy">{{cite news |last=Pardy |first=Sasha M. |url=http://www.costar.com/News/Article.aspx?id=59AEC856EF5402DB7FDF8481F348C278 |archive-url=https://archive.today/20120722215601/http://www.costar.com/News/Article.aspx?id=59AEC856EF5402DB7FDF8481F348C278 |url-status=dead |archive-date=July 22, 2012 |title=Tweeter Files Bankruptcy Again, Closing 94 Stores |newspaper=CoStar Retail News |date=November 7, 2008 }}</ref> Schultze reformed the company as Tweeter Opco LLC.
After an attempt to revive the company, Tweeter Opco filed for Chapter 11 on November 5, 2008.<ref name="pardy" /> Prior to filing the company had started going out of business sales in anticipation of the holiday season. However, a dispute among creditors regarding operating cash to continue the sales forced the closure of all stores on December 3, 2008, the firing of all 600 employees and the company filed a conversion of its Chapter 11 reorganization to a Chapter 7 liquidation.<ref>{{cite news |last=Sawczuk |first=Maria Aprile |url=http://www.turnaround.org/Publications/Articles.aspx?objectId=10642 |title=Are the Days of Knights Over? Lack of Liquidity Stymies Chapter 11 Cases |journal=The Journal of Corporate Renewal |publisher=Turnaround Management Association |date=February 19, 2009}}</ref> Customers reported paid goods and deposits were part of frozen assets<ref>{{cite news |url=http://wbztv.com/local/tweeter.shuts.down.2.878637.html |title=Tweeter Closes Suddenly, Stuns Workers, Customers |website=WBZ-TV |location=Boston |date=December 3, 2008 |archiveurl=https://web.archive.org/web/20081204234142/http://wbztv.com/local/tweeter.shuts.down.2.878637.html |archivedate=December 4, 2008 |author=<!--Staff writer(s); no by-line.-->}}</ref> which eventually forced them to file as creditors in the liquidation.<ref>{{cite news |last=Reidy |first=Chris |url=http://www.boston.com/business/ticker/2008/12/bankruptcy_trus.html |archive-url=https://web.archive.org/web/20081220065647/http://www.boston.com/business/ticker/2008/12/bankruptcy_trus.html |url-status=dead |archive-date=December 20, 2008 |title=Bankruptcy trustee: Tweeter stores won't reopen |newspaper=The Boston Globe |date=December 18, 2008}}</ref>
==TWTR Inc.== Following the original 2007 Chapter 11 filing and sale of assets to Schultze, the original Tweeter company (now a shell company) remained active, having been renamed TWTR Inc..<ref>{{cite web |url=https://www.sec.gov/Archives/edgar/data/1060390/000134100408000549/tweeter8k.htm |title=Current Report (Form 8-K) |work=TWTR Inc. |publisher=Securities and Exchange Commission |date=February 8, 2008 |accessdate=October 5, 2013 |author=<!--Staff writer(s); no by-line.-->}}</ref>
On October 4, 2013, more than six years after selling its assets (and almost five years after the Tweeter chain shut down for good), shares of TWTR Inc. (at that point still listed under "TWTRQ") were trading for as much as 1 500% above the previous day's closing price (US$0.15 vs $0.007). It ultimately closed at $0.051 (a gain of over 684%), after trading was halted at 12:42pm EDT. Twitter, Inc. had released its preliminary initial public offering filings the previous day which revealed it was planning to use the ticker symbol "TWTR" (Tweeter's ticker symbol before its original bankruptcy filing), which apparently led to confusion among some investors.<ref>{{cite web |last=Kovach |first=Steve |url=http://www.businessinsider.com/twtr-stock-up-1500-percent-2013-10 |title=A Stock Called 'TWTRQ' Was Up As Much As 1,500% Because People Thought It Was Twitter |work=Business Insider |date=October 4, 2013 |accessdate=October 4, 2013}}</ref> Shortly after the incident, the company's ticker symbol was changed to "THEGQ". The company ceased to exist on April 23, 2014.<ref>{{Cite web | url=https://www.sec.gov/files/litigation/admin/2014/34-71996.pdf | title=In the Matter of Tweeter home entertainment group, inc. (a/k/a TWTR, INC.) | website=www.sec.gov}}</ref>
==References== {{reflist|2}}
{{Economic Crisis|state=collapsed}}
{{DEFAULTSORT:Tweeter (Store)}} Category:Defunct consumer electronics retailers of the United States Category:Defunct retail companies of the United States Category:American companies established in 1972 Category:Retail companies established in 1972 Category:Retail companies disestablished in 2008 Category:Companies that have filed for Chapter 7 bankruptcy Category:Companies that filed for Chapter 11 bankruptcy in 2007 Category:Companies that filed for Chapter 11 bankruptcy in 2008 Category:Companies that filed for Chapter 7 bankruptcy in 2008 Category:Defunct companies based in Massachusetts Category:1972 establishments in Massachusetts Category:2008 disestablishments in Massachusetts