Sixth Avenue Electronics Closing Doors After Fire Sale
Thirty-five jobs will be lost at the Springfield location.
When this weekend is over, Sixth Ave. will be a cul de sac.
The Springfield-based consumer electronics chain is holding a final sale before closing its last remaining location; their headquarters in Springfield, NJ.
After defaulting on a $2 million loan earlier this year, the 27-year-old independent chain is selling off its remaining inventory in a fire sale. The final three-day sale follows several months of deeply discounted sales at Sixth Ave. stores.
The closing entails the loss of 35 jobs at the Springfield location, which includes a retail center and a warehouse.
The Temiz family opened the chain in 1984 and expanded it to a peak of 19 stores in multiple states. Last year, a US District Court judge in Newark ordered Sixth Ave. to close its three remaining stores under the terms of temporary restraining order after the chain defaulted on an inventory finance loan from GE Capital.
This week, Alco Capital, a firm specializing in selling off assets, announced they were conducting a going out of business sale at Sixth Avenue’s last store. Proceeds of the sale will go to Sixth Ave,’s creditors.
The Sixth Avenue Electronics Union store is open for this final sale on Friday from 10 a.m. to 9:30 p.m. Saturday, 9 a.m., 9 p.m. and Sunday from 10 a.m. - 7:00 p.m. Cash and bankcards will be accepted for payment. This Woodbridge Patch article has information about warranties for high ticket items purchases at Sixth Avenue.
"In this case, the creditors and debtor decided that an ABC might be a quicker and less expensive option than a traditional bankruptcy," said Alco president Alan Cohen in a press statement.