{{Short description|Consumer electronics retailer, 1968–2011}} {{Infobox company | name = Ultimate Electronics | logo = Ultimate electronics logo.jpeg | logo_size = 240px | caption = | type = Private | fate = Defunct | foundation = 1968 | defunct = April 15, 2011 | location = Thornton, Colorado, USA | key_people = Mark Wattles | num_employees = | industry = Retailing | products = Consumer electronics | revenue = | homepage = }} '''Ultimate Electronics''' was a chain of consumer electronics stores<ref>{{cite web |url=http://www.enotes.com/ultimate-electronics-inc-reference/ultimate-electronics-inc |title=Ultimate Electronics, Inc. |publisher=eNotes.com |access-date=2012-05-27 |archive-date=2012-02-12 |archive-url=https://web.archive.org/web/20120212111228/http://www.enotes.com/ultimate-electronics-inc-reference/ultimate-electronics-inc |url-status=dead }}</ref> which filed for bankruptcy twice after 2006, liquidating and ceasing operations in 2011.<ref>{{cite news|author=Doug Beghtel/The Oregonian |url=http://www.oregonlive.com/business/index.ssf/2011/02/ultimate_electronics_begins_li.html |title=Ultimate Electronics begins liquidating |publisher=OregonLive.com |date= 2011-02-11|access-date=2012-05-27}}</ref><ref>{{cite news|last=Raabe |first=Steve |url=http://www.denverpost.com/commented/ci_17216957 |title=Ultimate Electronics files for bankruptcy |publisher=The Denver Post |access-date=2012-05-27}}</ref><ref>{{cite news|author=Kansas City Business Journal |url=http://www.bizjournals.com/kansascity/stories/2005/01/10/daily19.html |title=Ultimate Electronics files for bankruptcy - Kansas City Business Journal |publisher=Bizjournals.com |date=2005-01-12 |access-date=2012-05-27}}</ref> At its peak, the store operated in Arizona, Colorado (where it originated as '''Pearse Electronics'''), Illinois, Iowa, Idaho, Kansas, Minnesota, Missouri, Nevada, New Mexico, Oklahoma, Oregon, Massachusetts, New Hampshire, New York, South Dakota, Texas, Pennsylvania, Utah, and Wisconsin. It was originally incorporated in the state of Delaware with principal offices in Thornton, Colorado. They only ever opened 78 locations in 20 states. At their height, they operated 64 stores in 14 states. Some of the stores had neon signs at the front of the store with a ball decoration like the one at Olde Towne Plaza in Ballwin, MO. Some of the 64 stores had circular entrances.
==History== ===Early history=== Stores originally operated under other various names, including SoundTrack Colorado and Audio King Minnesota, Iowa, and South Dakota.<ref>{{Cite web|url=http://www.fundinguniverse.com/company-histories/ultimate-electronics-inc-history/|title=History of Ultimate Electronics, Inc. – FundingUniverse}}</ref>
Ultimate began a large expansion campaign in 2000. By 2004, the company had doubled its store count to 64.
===Closure=== In 2005, the company filed for bankruptcy. Hollywood Video founder and then–CEO Mark Wattles acquired 32 stores in the ensuing bankruptcy auction; the remaining half were closed.<ref>{{cite web |url=http://www.auctioncog.com/ |title=Home |website=auctioncog.com |access-date=2015-06-01 |archive-date=2015-06-01 |archive-url=https://web.archive.org/web/20150601195432/http://www.auctioncog.com/ |url-status=dead }}</ref> Ultimate Electronics was then a privately owned company operated by Ultimate Acquisition Partners, L.P. Ultimate Acquisition Partners, L.P was a division of Wattles Capital Management, LLC.<ref>{{cite web |url=http://www.wattlescapitalmanagement.com/about.html |title= Wattles Capital Management » About Us|website=www.wattlescapitalmanagement.com |archive-url=https://web.archive.org/web/20080925091230/http://www.wattlescapitalmanagement.com/about.html |archive-date=September 25, 2008}}</ref> Wattles Capital Management owned 71% of Ultimate Electronics, while Hewlett-Packard Co. owned 25%.<ref>{{cite news|author=Beth Nakamura/The Oregonian |url=http://www.oregonlive.com/business/index.ssf/2011/02/ultimate_electronics_looks_to.html |title=Ultimate Electronics looks to close its 46 stores, including new Tigard location |publisher=OregonLive.com |date= 2011-02-07|access-date=2012-05-27}}</ref> The other 4% was owned by Private Venture Capital Firms.
In November 2010, Ultimate Electronics opened a store in Tigard, Oregon.<ref>{{cite news|author=Beth Nakamura, The Oregonian |url=http://www.oregonlive.com/business/index.ssf/2010/11/mark_wattles_back_with_ultimat.html |title=Mark Wattles back with Ultimate Electronics in Tigard |publisher=OregonLive.com |date= 2010-11-18|access-date=2012-05-27}}</ref> It was the only Ultimate Electronics store on the West Coast, though Wattles had hoped to open 14 more in Salem, Oregon, and the Portland metro area.{{Citation needed|date=March 2011}}
As of January 27, 2011, the new company filed for Chapter 11 bankruptcy, ultimately choosing to liquidate, converting it into Chapter 7.<ref name="syracuse">[http://www.syracuse.com/news/index.ssf/2011/02/ultimate_electronics_asks_cour.html Ultimate Electronics asks court to hold going-out-of-business sale], last visited 08 Feb 2011</ref> According to 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 were Video Products Distributors (owed $6.1 million); Valassis Communications ($5.6 million); New Age Electronics/SYNNEX ($5.5 million); and Sony Electronics, ($4.8 million). Secured lender GE Capital was owed $64.8 million.<ref>{{cite news|last=McCarty |first=Dawn |url=https://www.bloomberg.com/news/2011-01-27/ultimate-electronics-files-for-bankruptcy-as-suppliers-curtail-shipments.html |title=Ultimate Electronics Files for Chapter 11 Protection |publisher=Bloomberg |date=2011-01-27 |access-date=2012-05-27}}</ref>
==References== {{Reflist}}
==External links== * [https://web.archive.org/web/*/http://www.ultimateelectronics.com Archive of official website] at archive.org *[https://web.archive.org/web/20100815053822/http://www.ultimateelectronics.com/stores.php Archive of store locator] at archive.org
Category:Defunct consumer electronics retailers of the United States Category:Retail companies established in 1968 Category:Retail companies disestablished in 2011 Category:Companies that have filed for Chapter 7 bankruptcy Category:Companies that filed for Chapter 11 bankruptcy in 2005 Category:Companies that filed for Chapter 11 bankruptcy in 2011 Category:Companies that filed for Chapter 7 bankruptcy in 2011 Category:Companies based in Colorado Category:Thornton, Colorado Category:Defunct retail companies of the United States Category:1968 establishments in Colorado Category:2011 disestablishments in Colorado