Ultimate Electronics

Ultimate Electronics was a electronics retailer that was simlar to Best Buy. It was defunct in April 2011.

As of January 27, 2011, the company filed for Chapter 11 bankruptcy. 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 are Video Products Distributors, owed $6.1 million; Valassis Communications Inc., owed $5.6 million; New Age Electronics/Synnex, owed $5.5 million; and Sony Electronics Inc., owed $4.8 million, court papers show. Secured lender General Electric Capital Corp. is owed $64.8 million.[5] This is the second time in 6 years that the company has filed for Chapter 11.[6]

The owners of Ultimate Electronics have asked a U.S. Bankruptcy Court for permission to sell off its inventory and close all 46 stores. Ultimate has an agreement with its consultants to begin going-out-of-business sales no later than February 12, 2011[7], and to finish the job no later than April 15[7] , court documents said. The going-out-of-business sales concluded by April 13.