MILWAUKEE (WITI) -- American TV & Appliance will be closing after 60 years of business after they complete their going-out-of-business sale beginning Thursday, February 20th.
Workers at American say they got notices before the stores opened on Monday, February 17th.
American will close its doors Monday evening at 11 different locations, most of which are in Wisconsin. On Tuesday and Wednesday, workers will prepare for a liquidation sale. That sale will begin on Thursday -- and be run through a separate company.
American officials say 989 employees will lose their jobs. Those workers will be compensated, with benefits, through the notification period, and the majority will continue employment through the closing process.
Arthur Davis, a merchandise coordinator, is one of the workers losing his job.
"Like I told my wife, we'll just move on from here. It's a bad situation for all of us to be in. Like I said it's been 25 years here -- and you really don't get nothing out of it, you know," said Davis.
American grew and expanded in the 1970s and 1980s as its owner at the time, Len Mattioli, because a personality called Crazy TV Lenny. In 2001, Mattioli sold his controlling interest to the current CEO Doug Ruehl.
In a statement from American, the company says, "The last five years have been very difficult for our industries. We have fought hard, valiantly and with great integrity...But the economy has been unforgiving."
During this sale, American will continue to fully serve their customers:
- We will honor gift cards during the store-closing sale and provide refunds to customers who do not wish to redeem them.
- All extended warranty policies that customers purchased are valid and insured through a third-party insurance company.
- Customers who have open orders waiting for delivery will either receive delivery of their goods or a refund of their deposit.
- All products in our service center will be repaired or returned to the customer prior to our closing.
American is filing a Wisconsin Statutes Chapter 128 Receivership for the protection of its creditors. Michael Polsky will be appointed as the receiver for the business.