DENVER, Colorado – April 20, 2005 – Ultimate Electronics, Inc. announced that following a public auction for the company’s assets, the company has engaged SB Capital Group as part of a consortium of liquidating agents to manage the sale of assets in 30 of the company’s locations. This transaction, coupled with an asset purchase agreement for the remaining 32 store locations by Ultimate Acquisition Partners, L.P., was approved by a federal bankruptcy judge on April 19th.
Ultimate Electronics Inc. filed a voluntary petition for reorganization under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware on January 11, 2005.
Ultimate Electronics was a leading specialty retailer of home entertainment and consumer electronics products in 14 states throughout the Midwest, Rocky Mountain, and Southwest regions of the country. The company had its origins as a private company founded in 1968 and grew to become the publicly traded Ultimate Electronics Inc. in 1993. Significant expansion in the years 2000 through 2004 added more than 50 new stores to the company, creating electronics’ superstores offering about 4,000 products under 130 brand names.