Sun Television and Appliances

Sun Television and Appliances
1949 - 1991: Private
May 1991 - 1998: Nasdaq
Industry Retail
Fate Bankruptcy
Founded 1949
Founder Macy Block and Herbie Block
Defunct 1998
Headquarters Columbus, Ohio, United States
Area served
 Northeastern United States, Midwestern United States
Key people
 Macy Block, Bob Oyster, Paul Prosser, Ed Hirsch
Products Consumer electronics, home appliances, car audio sales and installation, office equipment, parts and accessories
Services Repair and installation
Parent ZS Sun Limited Partnership

Sun Television and Appliances was a speciality retailer of consumer electronics, home appliances, and office equipment founded in 1949 by brothers Macy and Herbie Block. The company had stores in cities throughout the midwest, and also operated stores in rural areas of the United States, where there was no other competition[1] in Ohio, Indiana, New York, Pennsylvania, Maryland, West Virginia, Virginia and Kentucky.[1]

In late 1996, Indiana-based H.H. Gregg Appliances and Electronics had arranged to purchase Sun in an $87.5 million deal that would have paid $5 per share to the owners of Sun's 17.5 million outstanding shares.[2] However, H.H. Gregg withdrew from the deal over concerns regarding Sun's financial condition.[3]

The company after filed for Chapter 11 bankruptcy in September 1998. After attempts to sell the company as a going concern failed,[4] The company converted to a Chapter 7 liquidation,[5] and ceased operations by the end of the year.[4] Some locations were purchased by H.H. Gregg Appliances and Electronics, and were reopened as H.H. Gregg locations.[3]

References

  1. 1 2 "Sun TV announces 20-store expansion". Columbus Business First. November 20, 1997. Retrieved 2006-09-29.
  2. ↑ "Indiana chain buys Sun Television". Business First of Columbus. December 11, 1996. Retrieved 2006-09-29.
  3. 1 2 "H.H. Gregg takes over closed Sun TV sites". Business First of Columbus. April 12, 1999. Retrieved 2006-09-29.
  4. 1 2 "SUN TELEVISION: Announces Decision To Liquidate". Troubled Company Reporter. InterNet Bankruptcy Library. November 4, 1998. Retrieved 2006-09-29.
  5. ↑ "Issue Number 44". The Dealmakers. Retrieved 26 July 2011.


This article is issued from Wikipedia - version of the 9/18/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.