EX-99.2
3
exhibit2.htm
EX-99.2
EX-99.2
FOR IMMEDIATE RELEASE
Investor Relations Contact
:
Media Relations Contact:
Gregory Hunt
781-830-3995
ghunt@twtr.com
Jeff Duhamel
781-830-3495
jduhamel@twtr.com
U.S. Bankruptcy Court Approves the Acquisition of Tweeter Home Entertainment Group by Schultze
Asset Management, LLC
Canton, Mass., (July 13, 2007) - Tweeter Home Entertainment Group, Inc. today announced that the
U.S. Bankruptcy Court in Wilmington, Delaware has approved the "going concern" bid by Schultze
Asset Management, LLC to acquire substantially all of Tweeter's assets for $38 million in cash and
the assumption of significant liabilities. The sale transaction closed today.
"As a privately held portfolio company of Schultze Asset Management, we look forward to the fresh
start that this sale will provide for our employees, customers and business partners", said Tweeter
President and CEO Joe McGuire. "We are thrilled that the process moved quickly so that we can now
focus all of our attention on continuing to provide a full-service solution to our customers: a
great retail store, top-notch system design, and elegant installation all wrapped up in a
professional, personalized experience".
Safe Harbor Statement
Certain statements made in this news release are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based
upon management's current expectations and beliefs concerning future developments and their
potential effects upon the Company. These forward-looking statements include statements regarding
the Company's expectations concerning the bankruptcy process and the continuation of its day to day
operations. Actual results may differ materially from those included in the forward-looking
statements due to a number of factors, including, but not limited to, court approval of the
Company's proposed sale transaction; potential adverse developments with respect to the Company's
liquidity or results of operations; the ability to retain and compensate key executives and
associates; the ability of the Company to attract and retain customers; and other risk factors
identified in the Company's Annual Report on Form 10-K for the fiscal year ended September 30,
2006, the Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2006 and other
filings with the Securities and Exchange Commission. There can be no assurance that future
developments affecting the Company will be those anticipated by management. The Company disclaims
any obligation to update or revise any of the forward-looking statements that are in this news
release.
- more -
Court Approves Tweeter Acquisition
Page 2 of 2
About Tweeter
Tweeter Home Entertainment Group, Inc. was founded in 1972 by the Company's Chairman, Sandy
Bloomberg. Based in Canton, Massachusetts, the Company is a national specialty consumer
electronics retailer providing home and mobile entertainment solutions. The Company's fiscal 2006
revenues were $775 million. Tweeter has been named the 2006 Retailer of the Year by Sound and
Vision Magazine and a "Consumer Electronics Retailer of the Year" by Audio-Video International
every year since 1979. The company operates 103 stores under the Tweeter, hifi buys, Sound Advice
and Showcase Home Entertainment names. The Company's stores are located in the following markets:
New England, the Mid-Atlantic, Chicago, the Southeast (including Florida), Texas, Phoenix and Las
Vegas. Further information on Tweeter Home Entertainment Group can be found on the Company's
websites at www.twtr.com
and www.tweeter.com.
About Schultze Asset Management, LLC
Founded in 1998, Schultze Asset Management, LLC (www.samco.net) is a leading alternative
investments firm specializing in distressed and special situations investing. The firm manages
approximately $725 million in assets on behalf of institutional and high net worth clients located
throughout the world. Schultze's offices are in Purchase, NY.
# # #

EX - 99 . 2 3 exhibit2 . htm EX - 99 . 2 EX - 99 . 2 FOR IMMEDIATE RELEASE Investor Relations Contact : Media Relations Contact : Gregory Hunt 781 - 830 - 3995 ghunt@twtr.com Jeff Duhamel 781 - 830 - 3495 jduhamel@twtr.com U . S . Bankruptcy Court Approves the Acquisition of Tweeter Home Entertainment Group by Schultze Asset Management , LLC Canton , Mass . , ( July 13 , 2007 ) - Tweeter Home Entertainment Group , Inc . today announced that the U . S . Bankruptcy Court in Wilmington , Delaware has approved the " going concern " bid by Schultze Asset Management , LLC to acquire substantially all of Tweeter 's assets for $ 38 million in cash and the assumption of significant liabilities . The sale transaction closed today . " As a privately held portfolio company of Schultze Asset Management , we look forward to the fresh start that this sale will provide for our employees , customers and business partners " , said Tweeter President and CEO Joe McGuire . " We are thrilled that the process moved quickly so that we can now focus all of our attention on continuing to provide a full - service solution to our customers : a great retail store , top - notch system design , and elegant installation all wrapped up in a professional , personalized experience " . Safe Harbor Statement Certain statements made in this news release are forward - looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 . Forward - looking statements are made based upon management 's current expectations and beliefs concerning future developments and their potential effects upon the Company . These forward - looking statements include statements regarding the Company 's expectations concerning the bankruptcy process and the continuation of its day to day operations . Actual results may differ materially from those included in the forward - looking statements due to a number of factors , including , but not limited to , court approval of the Company 's proposed sale transaction ; potential adverse developments with respect to the Company 's liquidity or results of operations ; the ability to retain and compensate key executives and associates ; the ability of the Company to attract and retain customers ; and other risk factors identified in the Company 's Annual Report on Form 10 - K for the fiscal year ended September 30 , 2006 , the Company 's Quarterly Report on Form 10 - Q for the quarter ended December 31 , 2006 and other filings with the Securities and Exchange Commission . There can be no assurance that future developments affecting the Company will be those anticipated by management . The Company disclaims any obligation to update or revise any of the forward - looking statements that are in this news release . - more - Court Approves Tweeter Acquisition Page 2 of 2 About Tweeter Tweeter Home Entertainment Group , Inc . was founded in 1972 by the Company 's Chairman , Sandy Bloomberg . Based in Canton , Massachusetts , the Company is a national specialty consumer electronics retailer providing home and mobile entertainment solutions . The Company ' s fiscal 2006 revenues were $ 775 million . Tweeter has been named the 2006 Retailer of the Year by Sound and Vision Magazine and a " Consumer Electronics Retailer of the Year " by Audio - Video International every year since 1979 . The company operates 103 stores under the Tweeter , hifi buys , Sound Advice and Showcase Home Entertainment names . The Company 's stores are located in the following markets : New England , the Mid - Atlantic , Chicago , the Southeast ( including Florida ) , Texas , Phoenix and Las Vegas . Further information on Tweeter Home Entertainment Group can be found on the Company 's websites at www.twtr.com and www.tweeter.com . About Schultze Asset Management , LLC Founded in 1998 , Schultze Asset Management , LLC ( www.samco.net ) is a leading alternative investments firm specializing in distressed and special situations investing . The firm manages approximately $ 725 million in assets on behalf of institutional and high net worth clients located throughout the world . Schultze 's offices are in Purchase , NY . # # #