UPDATE: Fri 9:33 AM, Feb. 21, 2014
MADISON, Wis. (AP) -- Scores of bargain hunters have descended on American TV & Appliance stores looking for a closeout deal.
They lined up outside stores in Madison, Brown Deer and elsewhere Thursday as the 60-year-old retailer began liquidating its merchandise as it prepares to close for good. Nearly 1,000 employees in Wisconsin, Illinois and Iowa will lose their jobs when doors close sometime late in April.
Customer vehicles filled the parking lot well before the Madison store opened Thursday. The Madison-based company is closing its 11 stores, a warehouse and distribution center.
American CEO Douglas Reuhl has blamed an "unforgiving economy" for the chain's deepening financial troubles over the last five years.
ORIGINAL STORY: Mon 11:43 AM, Feb. 17, 2014
MADISON, Wis. (AP) -- The Madison-based furniture, appliance and electronic retailer American is going out of business. The closure of its 11 locations affects nearly 1,000 employees.
American says that after 60 years in business, the company will close after it completes a liquidation sale beginning Feb. 20. American CEO Doug Reuhl says although it's a "sad moment," it's also time to recognize dedicated employees and loyal customers.
Reuhl says American's 989 employees have been notified and will remain employed through the closing process.
American is filing Chapter 128 receivership to protect its creditors.
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