Tweeter Files for Chapter 11 Bankruptcy Jun 12, 2007

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Consumer electronics retailer Tweeter Home Entertainment Group, Inc. (Canton, Massachusetts, U.S.) filed for Chapter 11 bankruptcy and secured a US $60 million secured debtor-in-possession (DIP) credit facility provided by General Electric Capital Corporation, which will be used to purchase merchandise, pay employee salaries and benefits, and for other general corporate purposes.

Tweeter expects to continue normal business operations, keep all stores open for business, honor customer service policies, pay all vendors and suppliers, and continue to pay employees and fund employee benefits.

"I am confident that, with our tremendous talent pool of the best-trained, most knowledgeable sales and installation teams in the business, we will emerge from this process as a stronger, more competitive organization that is well-positioned to respond to and succeed in the ever-changing consumer electronics industry," said Tweeter President and CEO Joe McGuire.

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