MADISON — A
Dane County judge has approved the sale of five American TV &
Appliance stores for a total of $21 million, including three to
the Steinhafels furniture chain.
American TV went
out of business last month and shuttered 11 locations. Nearly
1,000 people in Wisconsin, Illinois and Iowa lost their jobs.
American TV filed for protection from its creditors in Dane County
Circuit Court under the state's receivership law, an alternative
to federal bankruptcy.
Polsky, who is liquidating American TV's assets, said American TV
expects to repay all of its secured creditors, including BMO
Harris Bank, and "all or almost all of the unsecured claims
in this case."
Polsky said there
are 1,507 creditors, most of them unsecured, meaning they don't
have an automatic right to be repaid.
president Gary Steinhafel said his Pewaukee company will hire 125
to 150 people to work at the three stores it's purchasing in Grand
Chute, Oak Creek and on Madison's east side. He said the stores
will be remodeled and will likely open in the fall.
Lanford on Monday also approved the sale of stores in Pewaukee and
Brown Deer and a parcel of land in Oak Creek to American Property
Acquisition, according to the State Journal (http://bit.ly/1pobqNl