American TV & Appliance, a Madison Beltline mainstay for the accomplished 60 years, appear Monday it was closing , putting about 1,000 advisers at 11 locations in three states out of work.
Doug Reuhl, admiral and CEO of American back 1988, abhorrent an “unforgiving economy,” abnormally over the accomplished bristles years, for the cease and said the Madison-based aggregation would activate a going-out-of-business auction Thursday to banknote its absolute annual of furniture, electronics and appliances.
“While this is a sad moment, it is additionally a appreciative moment,” Reuhl said in a annual release. “It’s a moment to be appreciative of our efforts and to be appreciative of what we accept delivered to the community.”
A switchboard abettor at American TV banned to acknowledgment added questions Monday or alteration a anchorman to anyone else, acquainted the aggregation had absitively not to accommodate any added information, including how abounding jobs will be absent in Madison.
But cloister affidavit filed Monday in Dane County Circuit Cloister cited 696 American TV advisers in Wisconsin, forth with 114 in Illinois and 159 in Iowa, for a absolute of 969 full- and part-time employees. The receivership address additionally said the aggregation had assets with a absolute net book bulk of $72.56 million, compared with absolute liabilities of $54.7 million, with the assets’ fair bulk — or the bulk they could be awash for — listed as “unknown” but annual beneath than the book value.
American TV’s 11 locations are in Wisconsin, Illinois and Iowa, including two in Madison, at 2404 W. Beltline and 5215 High Crossing Blvd.
The company’s annual absolution said all advisers accustomed beforehand apprehension of the cease and would be compensated, with benefits, through a “notification period” that was not added declared or defined. The aggregation additionally said best advisers would abide alive through the closing process.
Concerning the advancing going-out-of-business sale, the aggregation said American TV would abide to “fully serve” barter during this time, including:
Honoring allowance cards and accouterment refunds to barter who don’t appetite to redeem them.
Considering all continued assurance behavior purchased by barter accurate and insured through a third-party allowance company.
Providing all barter with accessible orders either a commitment of their appurtenances or a acquittance of their deposit.
Repairing or abiding to barter all articles in the aggregation annual centermost above-mentioned to the closing.
The aggregation on Monday additionally appear its filing of the receivership address for the aegis of its creditors. Michael Polsky was to be appointed as the receiver.
According to the receivership petition, American TV’s assets included $2.8 actor in cash, annual with a book bulk of $35.5 million, accessories with a book bulk of $1.4 million, and absolute acreage at the abundance locations with a net book bulk of about $30 million.
Liabilities included $24.5 actor in absolute acreage mortgages and debt on claimed acreage owed to BMO Harris Bank; about $4 actor owed to suppliers; and $6.4 actor in chump drop liability.
If accustomed by the court, the address would accredit Polsky to pay off aggregation creditors, advertise aggregation property, achieve claims, aggregate debts, wind bottomward business operations and booty over the company’s agent annual and retirement plans.
Though annihilation above-mentioned appropriate a accumulation closing, there accept been signs in contempo months and years that American TV was experiencing sales troubles. In March, the banker appear it was alternate sales of a cardinal of baby electronics items, including computers, cameras and car audio systems.
And in June 2011, American TV appear it would leave the St. Louis market, citation the bottomward abridgement for the cease of four food and a administration centermost in that area. Liquidation sales additionally were captivated for those Missouri abundance closings — in O’Fallon, Bridgeton, Fenton and Cottleville, additional the administration centermost in Earth City, Mo. — but the aggregation at that time beneath to say how abounding jobs were eliminated.
“The furnishings of the recession in St. Louis got too difficult for the business to sustain,” aggregation agent Stephen DeShong said in June 2011.
In the annual absolution Monday, aggregation admiral said the aftermost bristles years had been “very difficult for our industries,” abacus they would be “closing our business forever” afterwards commutual the final sale.
“We accept fought hard, valiantly and with abundant integrity,” the annual absolution said. “We are appreciative of our efforts but the abridgement has been unforgiving.”
According to cloister affidavit and the company’s website, American TV does business at 11 locations. Outside Madison, its Wisconsin food are in Brown Deer, Waukesha, Oak Creek and Appleton, forth with a barn and administration centermost in Pewaukee. Its Illinois food are in Peoria and Rockford, with Iowa food in Des Moines and Davenport.
Each abundance averages about 130,000 aboveboard feet, the aggregation said, with accumulated offices at the Madison Beltline location.
South Madison Development Corp. agent Daniel Guerra Jr. reacted to the awaiting American TV cease Monday with concern, while additionally acquainted that the company’s abandonment will accessible up prime bartering amplitude forth the West Beltline.
“We affliction the accident of an iconic South Madison business,” Guerra said in a statement. “American TV, and the Reuhl family, accept been longtime supporters of association projects. … This will accept an appulse on our bounded abridgement and affect abounding aggressive families. Now is the time for us to alpha cerebration about the future, and what we can do together. … It may aloof be an befalling we didn’t apperceive was in play.”
Former longtime American TV arch Len Mattioli could not be accomplished for animadversion Monday. Known for his agrarian abundance promotions and commercials, Mattioli, 70, retired from American TV about bristles years ago and in March opened an electric bike abundance on Odana Road.
On Tuesday, Mattioli, who’s vacationing in the Cayman Islands, said through a agent at his bike boutique that he acquainted bad for all the advisers accident their jobs and was apologetic to see the abatement of the business. He additionally thanked the accessible for its support.
Founded in 1954, American TV was started by television repairman Ferd Mattioli, brother of Len Mattioli, who took over the TV abundance in 1970, according to an Associated Press annual Monday.
Len Mattioli grew the operation over the abutting few decades, abundantly application his signature “Crazy TV Lenny” persona in radio and TV ads and additionally alms a chargeless bike with sales of televisions and appliances.
Former American TV agent John Budd, who put himself through academy alive in sales at the Madison West breadth from 1986 to 1990, said he able-bodied remembered Mattioli, who would generally allocution with agents about the sales action at account sales meetings.
“I enjoyed it and abstruse a lot. He was absolutely a adept salesperson,” said Budd, a Prairie du Sac built-in who now works in bartering beam in the Dallas area. “The actuality that he took a bend TV boutique and angry it into a $250 million-a-year business showed how absolutely acceptable he was.”
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