From Home Furnishing Business
American TV & Appliance to Close
Consumer electronics and furniture retailer American TV & Appliance is closing. Nearly 1,000 employees will lose their jobs.
American TV & Appliance, which became a powerhouse retailer in the 1970s and '80s behind the aggressive advertising of then-owner Len "Crazy TV Lenny" Mattioli, couldn't withstand today's economy and changing competition.
The Madison-based company, citing an "unforgiving" economy over the last five years, said Monday it was filing for receivership and planned to start a going-out-of-business sale on Thursday.
The company said it has 989 employees, 696 of them in Wisconsin.
"While this is a sad moment, it is also a proud moment. It's a moment to be proud of our efforts and to be proud of what we have delivered to the community," Doug Reuhl, president and chief executive of American since 1988, said in a statement Monday. "Words cannot adequately express how grateful we are to our millions of loyal customers, and to the incredible, dedicated family of employees that we have been blessed with over our 60 years of business."
The company said most workers will continue employment through the closing process.
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Source: Milwaukee-Wisconsin Journal Sentinel