Slow Sales Send Ultimate Electronics Into Ch. 11

Law360, New York (January 27, 2011, 1:30 PM EST) -- The parent companies of consumer electronics retail chain Ultimate Electronics have filed for bankruptcy protection, citing a downturn in business at several store locations.

Ultimate Acquisition Partners LP and CC Retail LLC, which operate 46 Ultimate Electronics stores, filed a voluntary Chapter 11 petition on Wednesday in the U.S. Bankruptcy Court for the District of Delaware.

The filing comes in response to flagging business at several retail locations coupled with the refusal of some vendors to ship goods to the debtors on open credit, according to...
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