Bankruptcy blog

July 16, 2007

Sun Television and Appliances

Filed under: Uncategorized — Tags: , — admin @ 4:32 pm

Sun Television and Appliances was a speciality retailer of consumer electronics and home appliances. The company primarily operated stores in rural areas, where there was no other competition,<ref name=”Expansion”></ref> in Ohio, Indiana, New York, Pennsylvania, Maryland, West Virginia, Virginia and Kentucky.

In late 1996, Indiana-based H.H. Gregg Appliances and Electronics had arranged to purchase Sun in an $87.5 million deal that would have paid $5 per share to the owners of Sun’s 17.5 million outstanding shares.<ref name=”Gregg merger”></ref> However, H.H. Gregg withdrew from the deal over concerns regarding Sun’s financial condition.<ref name=”Gregg purchase”></ref>

The company ceased operations in 1998 after filing for Chapter 11 bankruptcy in September of that year, and after attempts to sell the company as a going concern failed.<ref name=”Bankruptcy”></ref> Some locations were purchased by H.H. Gregg Appliances and Electronics, and were reopened as H.H. Gregg locations.<ref name=”Gregg purchase” />


References

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External links

  • Company profile (business.com)

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