Pacific Stereo’s Rescue Bid Fails
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Pacific Stereo will be closing after all.
The consumer electronics retailer’s last hope was squelched after U.S. Electronics Group of Aurora, Colo., which had planned to reopen as many as 50 of Pacific Stereo’s West Coast stores, withdrew a reorganization proposal because of difficulties in getting financing.
As a result, Pacific Stereo, which has been operating under Chapter 11 of the U.S. Bankruptcy Code since May 13, will sell all remaining furniture, fixtures, equipment and leases beginning about Oct. 1, officials said in a statement Tuesday.
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