Looking for an entry point on this stock. How do you approach the asset valuation of Tweeter? From recent PR's:
"Last month, Tweeter turned in a first-quarter loss that was far deeper than Wall Street's expectations at $35.2 million, or $1.38 a share. The results included $27.2 million in restructuring charges. Revenue for the quarter tumbled to $163.3 million from $186.8 million while same-store sales plunged 13%."
and:
"Although Tweeter said it has received interest from several parties, it doesn't have a lead bidder yet for its assets.
Tweeter said it will keep its 153 stores open during its bankruptcy case. The company has also filed requests with the bankruptcy court to keep paying its bills and wages to its 2,500 employees.
The company has also obtained a $60 million bankruptcy loan from General Electric Capital Corp. to fund its operations during its Chapter 11 case.
The company listed assets of $259 million and debts of $190.5 million.
Polk Audio Inc., owed $1.2 million, is Tweeter's largest unsecured creditor. The Chapter 11 filing was made in U.S. Bankruptcy Court in Wilmington, Del."
Appreciate all comments.
Notime
