Wisconsin-based American TV & Appliance closing
Clint Engel -- Furniture Today, February 17, 2014
MADISON, Wis. — American TV & Appliance, once a Top 100 company, is shutting down after years of tough business conditions, according to local reports.
Fox television station affiliates in Madison and Milwaukee reported that a going-out-of-business sale is set to begin Thursday at all 11 stores. The Milwaukee station said that American TV will be filing a Wisconsin Chapter 128 Receivership, which is an alternative to bankruptcy protection.
An operator for the company said President and CEO Doug Reuhl wasn't taking any calls, and the retailer declined to send a news release that went to the local media.
One Fox station said American TV cited five years of an "unforgiving" economy in the decision to close. With the retailer's receivership plans, it's unclear how much money the company owes its furniture suppliers and how much they are likely to get back.
"While this is a sad moment it is also a proud moment," Reuhl said in the release sent to local media. He said, "It's a moment to be proud of our efforts and to be proud of what we have delivered to the community."
American TV & Appliance has been in business for more than 60 years and was last included on Furniture/Today's Top 100 in 1995. According to its website, the company operates 11 stores in Wisconsin, Illinois and Iowa.
Industry Related Content
Furniture Today's Ray Allegrezza Speaks with Stephen Bogart about Fine Furniture's New Bogart Line