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6th Ave. Electronics Chain Ordered Shut for Payment Default

The Woodbridge store, just one of three 6th Ave. retail locations left, was closed earlier this week as the financier of the chain tried to get $5.8 million owed to them before 6th Ave. sells the stock out from under them.

6th Ave. Electronics stores have been ordered temporarily closed because of defaults on payments to its main creditor. 

That includes retail stores on Route 1 in Woodbridge and Route 17 in Paramus, a store, distribution center, and corporate offices in Springfield, and a warehouse facility in Somerset.

The shuttering of the stores was ordered by the U.S. District Court earlier this week after the electronics retailer failed to make scheduled payments to GE Commercial Distribution Finance Corporation.

6th Ave., a privately held company owned by the Temiz family, had initially defaulted on $2 million payments on Sept. 12, according to a story on twice.com. The company gave up some of their inventory on Sept. 21 to GE to satisfy part of the debt, but then failed again to make payments scheduled later in the month.

GE estimated in court documents that 6th Ave.'s remaining inventory was worth approximately $12 million; they said that 6th Ave. owed more than $5.8 million, less the value of the inventory they surrendered in September.

In court papers, attorneys for GE said that they wanted electronics dealer's retail locations closed because of the "mobile nature" of small electronics. That is, they were afraid that while they were trying to get payment from 6th Ave., the retailer would be busy selling off their inventory - the collateral GE is banking on - in their remaining retail stores.

In late September, Toshiba also filed a lawsuit, claiming 6th Ave. owed them $1.2 million, according to a story filed by cepro.com.

Attorneys for GE did not return phone calls. No one is answering the phones at any 6th Ave. locations, including at their corporate offices.

Earlier this year, the retailer closed physical stores in Deptford, East Brunswick, and an older retail location in Paramus. Most of the chain's retail outlets have been shuttered beginning in 2009, finally leaving only the Woodbridge and Paramus stores open until the court ordered them temporarily closed this week.

Their online website is still up, but none of the items seem to be in stock. Links on the 6th Ave. website selling cameras, home theatre systems, and other A/V equipment that would normally redirect to Amazon.com, where they have sold some of their items in the past, are non-functioning. 

The last time the 6th Ave. sale flyer on their website was updated was Sept. 26. 

There are no indications on the 6th Ave. website that the retail chain is in any kind of distress. Every item page, though, has a bright red banner at the top: "Celebrating our 27th year in business, over 10 million customers served."

Read more about this story on twice.com and cepro.com.

Peter October 28, 2011 at 04:01 AM
hi, i have store credit of $102 , any chance of getting back?
peter November 24, 2011 at 06:44 AM
Seems heavy manipulation as co used to keep significant stock and had other assets too in tune of millions .....evaporated w/o smoke.....owners walked away building their real estate on other's money. Big lawyers make the way for such corporate captains....
peter November 24, 2011 at 06:48 AM
I too have store credit....but now no chance. Shouldn't there be investigation for such economic cruelty done out of greed.....hope GE pulls them and calls for forensic accounts experts to peel off layers of money squandering.
Judy Englerth November 26, 2011 at 02:42 AM
I have an issue with an extended warranty on my TV. Who is honoring their warranties?
jy December 02, 2011 at 04:57 PM
Big add in todays paper-gigantic sale at springfield location-take your credits there!
Deborah Bell (Editor) December 05, 2011 at 09:39 AM
You might want to check out this updated article for info. http://patch.com/A-plV3
Adamiec Jca January 14, 2012 at 05:32 PM
my tv needs repair and still has the warranty from the store. who do I call. itried several stores no answer
m hewitt February 01, 2012 at 02:09 AM
if anyone finds out the warranty address - please post.
edi r jumbo March 10, 2012 at 05:35 PM
Hola yo compre unos tvs. En six avenue y tambien compre garantia adicional y ahora. Se me acaba de danar que puedo aser he ido a la tienda y la encontrado cerrada algun telefono donde se pueda llamar para que me arreglen el tvs please
Karen July 21, 2012 at 11:51 PM
K. Smith 7:49 PM on Saturday, July 21, 2012 I have an 4 yr. extended warranty on a 50 inch flat screen tv. How can I have my warranty honored?
Alina Adamczyk July 24, 2012 at 10:26 PM
I also have an issue with an extended warranty on my tv and having an issue with my tv. What can I do.
michelle francis August 17, 2012 at 02:12 PM
I have a 50 " tv extended warranty how can I have it honored ?
Douglas Savarese August 25, 2012 at 02:40 PM
Doug S I have same issue with extended warenty too
Debra Cameron November 27, 2012 at 02:09 PM
i purchased a 5 yr extended warranty for my TV & the company is consumer priority service, 1678 mcdonald ave, brooklyn, ny 11230, web address: www.cpscentral.com.
unknownauthor December 05, 2012 at 02:22 AM
My daughter had her camera on warranty and when they sent it out to get it fixed she never got it back. They knew they were going out of business and we waited three months to receive it back than they closed the doors. They are crooks!
Bibi C.Martin January 26, 2013 at 06:18 PM
I've had my 40 inch television for 2 years and it just stop working. I have a store warranty. what actions are being taken? Disgusted!

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