June 11, 2007 / 5:01 PM / 11 years ago

Tweeter Home files for Chapter 11 bankruptcy

NEW YORK, June 11 (Reuters) - Tweeter Home Entertainment Group Inc. TWTR.O filed for Chapter 11 bankruptcy protection from creditors on Monday after struggling with declining prices, falling customer demand and increased competition.

The Canton, Massachusetts-based electronics retailer and seven affiliates filed for protection from creditors with the U.S. bankruptcy court in Wilmington, Delaware. Tweeter listed $258.6 million of assets and $190.4 million of debts in its bankruptcy filing.

Last month, the operator of Sound Advice and HiFi Buys stores posted a $35.2 million fiscal second-quarter loss, or $1.38 per share and said it believed its lacked sufficient working capital for short-term needs.

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