American TV & Appliance to close doors

Madison, Wisc. – American TV & Appliance, an 11-store electronics chain with locations in Wisconsin, Iowa and Illinois, is preparing to go out of business. The company is closing stores Feb. 18 and 19 to mark down prices and will launch its going-out-of-business sale at all locations on Feb. 20.

In a brief press release, American TV said difficult economic conditions during the last five years led to the decision to close down. The release also said employees were given advance notice of the closure and will receive compensation with benefits through an unspecified notification period, with most working throughout the closing process.

Media reports indicate the company will lay off close to 1,000 employees and listed assets of $72.56 million and liabilities of $54.7 million in a receivership petition.

“While this is a sad moment, it is also a proud moment,” Doug Reuhl, president and CEO of American CEO, said in a news release. “It’s a moment to be proud of our efforts and to be proud of what we have delivered to the community.”

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