Furniture and appliance store American TV & Appliance of Madison Inc. has announced it will go out of business after 60 years.
A press release from the company said the last five years have been difficult for the industry.
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.
“While this is a sad moment it is also a proud moment. It’s a moment to be proud of our efforts and to be proud of what we have delivered to the community,” said Doug Reuhl, president and chief executive officer of American since 1988. “Words cannot adequately express how grateful we are to our millions of loyal customers, and to the incredible, dedicated family of employees that we have been blessed with over our 60 years of business.”
Advanced notice of the business closing has been given to the 989 employees affected. Employees will be compensated, with benefits, through the notification period, and the majority will continue employment through the closing process.
Madison-based American has 11 stores in Wisconsin, Illinois and Iowa, including locations in Brown Deer, Oak Creek and Waukesha.
A going-out-of-business liquidation sale will be held beginning on Thursday, Feb. 20, to liquidate American’s entire inventory of furniture, electronics and appliances.
“The last five years have been very difficult for our industries. We have fought hard, valiantly and with great integrity. We are proud of our efforts but the economy has been unforgiving. So after 60 years of serving our customers we will be closing our business forever after completing our going-out-of-business-sale beginning Thursday, Feb. 20,” the company said in the release.
According to the company, 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 the company’s service center will be repaired or returned to the customer prior to closing.
