American TV and Appliance plans to close all of its stores, including the Quad Cities location in Davenport, Iowa.
The company made notice of the closures to the public on Monday, February 17, 2014. American is filing a Wisconsin Statutes Chapter 128 Receivership.
Nearly 1,000 people who work for the company were told of the sale, and company officials say most of the employees will continue to work for American through the closing process.
Going out of business sales were expected to start at all of the locations Thursday, February 20.
American TV and Appliance was founded in 1954, and is headquartered in Madison, Wisconsin. The company has six stores in Wisconsin, plus Illinois locations in Peoria and Rockford and Iowa stores in Des Moines and Davenport.
Our sister station WITI reported American’s President and CEO Doug Reuhl said American will continue to honor gift cards during the store-closing sale, and refund the value of those gift cards to customers who do not wish to redeem them. Extended warranties will remain valid because they are insured through a third-party insurance company. Customers who are waiting for deliveries from American will either receive delivery of their goods or a refund of their deposit. Item in their service center will be repaired or returned to the customer before the company closes.
“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,” Reuhl said.
It was unclear how long the liquidation sales would last.
American's location in Davenport is at 4800 Elmore Avenue.