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Bloomberg.com: GE Sues Sixth Ave. Electronics

GE claims Springfield-based electronics store is in default on payments.

A subsidiary of General Electric has filed suit against Springfield-based electronics store chain or allegedly defaulting on $9.8 million in debt, Bloomberg news reports.

According to the Bloomberg report, GE Commercial Distribution Finance Corp. says that  Sixth Ave. has failed to repay inventory financing money the GE subsidiary has provided to the consumer electronics chain since 2007. 

Founded in New York in 1984, Sixth Ave. has 15 stores in  New York, New Jersey, Pennsylvania and Delaware. Their headquarters are in Springfield. 

Read the full Bloomberg story here: Sixth Avenue Electronics Sued by GE Over $9.6 Million Debt

Ed's note: The original version of this story said Sixth Ave. owed $9.8 billion, not $9.8 million. We corrected the number in the story and regret the error. 

steven hayes March 17, 2011 at 02:19 AM
9.8 million in debt NOT billion.

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