It’s been quite a ride for New Jersey’s Electronics Expo over the last year or so. Once riding high as one of the fastest growing New Jersey electronics retailers, the company has struggled with the changing economy, changing industry, bankruptcy, and recovery. It’s been a wild ride and founder Leon Temiz says he is committed to crafting a new type of specialty retail business.
In a series of filings associated with the Chapter 11 voluntary bankruptcy filing by Wayne, NJ-based Electronics Expo, we are learning new details on the slippery slope the company found itself facing in 2012 – a slope that landed them in court, seeking protection from creditors. The filings included an affidavit from company Managing Member and President Levent (known as Leon) Temiz that said circumstances left them with “no alternative but to conclude that a reorganization under Chapter 11 was the best way to stabilize the Debtor’s financial condition and maintain sufficient flexibility to restructure its debt while continuing to operate its business.”
What were the factors that drove Electronic Express to bankruptcy?… [Read more…] about Did Vendors Force Electronics Expo into Bankruptcy?
Wayne, NJ-based Electronics Expo, an independent regional retail chain selling quality A/V electronics, has entered bankruptcy as of March 31st. The company, which at one time had as many as eight locations at its peak, is now down to two showrooms and one outlet center at its offices, according to a report by NorthJersey.com. Electronics Expo is owned by Leon Temiz, once a partner with family members in another regional player, Sixth Avenue Electronics.