Ultimate Electronics files for bankruptcy; 2nd time in 6 years - KCBD NewsChannel 11 Lubbock

Ultimate Electronics files for bankruptcy; 2nd time in 6 years

By James Clark - email

LUBBOCK, TX (KCBD) - One of the biggest national retailers in Lubbock filed for bankruptcy last week.  The parent company for Ultimate Electronics filed for Chapter 11 reorganizational bankruptcy in Delaware. 

It's the second time in six years that Ultimate Electronics has filed for Chapter 11 protection.  Official records obtained by KCBD NewsChannel 11 show that the company has assets between $100 million to $500 million.  It also has debt between $100 million to $500 million.  

The good news for those employed at the Lubbock store is that according to published reports Ultimate Electronics is not going away any time soon.  Quite the contrary, the company's CEO hopes to open even more stores in the future.   The Lubbock outlet of Ultimate Electronics had its grand opening in August of 2010.

Copyright 2011 KCBD NewsChannel 11.  All rights reserved.

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