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WILMINGTON, Del. (Dow Jones/AP) -- Bankrupt Colorado retailer Ultimate Electronics plans to put all 62 of its stores up for sale -- in an effort to raise cash for creditors.
Attorney Gregg Galardi says Ultimate wants to auction liquidation rights for all of its locations, to determine whether a sell-off would produce more money than a funded reorganization.
Ultimate filed for Chapter Eleven reorganization in January, weeks after telling regulators it probably wouldn't have enough cash to fund operations into February.
Galardi says Ultimate hasn't abandoned efforts to reorganize, but says no one is willing to finance the company right now -- including new chief executive Mark Wattles.
Ultimate said last month it would shutter some 30 stores in five states, including Utah. ----
A Securities and Exchange Commission filing in March said the closures would affect about 900 employees, plus 65 at the company's headquarters.
Ultimate operates stores under the name SoundTrack in Colorado.
The company also currently operates in Arizona, Idaho, Illinois, Iowa, Kansas, Minnesota, Missouri, Nevada, New Mexico, Oklahoma, South Dakota, Texas and Utah.
Shares of Ultimate have plunged 44 percent in over-the-counter trading today, down eleven cents to 14 cents a share.
(Copyright 2005 by The Associated Press. All Rights Reserved.)
