Ultimate Electronics Files for Chapter 11 Protection
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Ultimate Electronics Inc., the operator of 46 home-entertainment and electronics stores, filed for bankruptcy citing decreased sales at certain locations and refusal of some suppliers to ship goods on credit.
In Chapter 11 papers filed late yesterday in U.S. Bankruptcy Court in Wilmington, Delaware, the company listed both assets and debt in the range of $100 million to $500 million. An affiliate, CC Retail LLC, also sought protection.