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ElectroWorld Emporium was a defunct retail chain of consumer electronics and home appliances, that operated in 35 states. The store chain was owned by ElectroWorld Holdings Inc., which operated every single location of the chain. In September 2012, the chain, along with it's parent company, filed for Chapter 11 bankruptcy, and was forced to liquidate and close 25 stores in April 2013, and was forced to look for a future buyer to keep the brand and it's parent company alive. But, they failed to find a buyer in June 2013, and forced to close all 166 stores by October 2013.
History[]
An ElectroWorld Emporium storefront in Toledo, Ohio (2007)
On May 3, 1976, two people named Edwin Harveston and Patty Hart founded a locally-owned store chain in Jersey City, New Jersey called Jerseytronics & Co. that sold televisions, stereo systems, washing machines, clothes dryers, refrigerators, grills, and home audio systems.
Map of ElectroWorld Emporium stores in the U.S. in June 2009
In February 1980, Robert J. Weinstein began working at the New Jersey location at Jerseytronics & Co. He eventually worked his way through many positions there over the next 10 years, and in June 1990, he took over his son's position as Chairman, CEO, and Director at Jerseytronics.
Connor T. Hegsman then took Robert J. Weinstein's role as ElectroWorld's president and Chief Executive Officer on September 24, 1997, and Weinstein was named Executive Chairman of the Board. Weinstein then died in September 2010.
Despite market trends that have diminished profit margins on high-tech devices, Robert J. Weinstein and Connor T. Hegsman expanded ElectroWorld to 109 stores in 4 states as of September 2008. Weinstein commented, "We've been fortunate in that the areas of the electronics business that have remained strong are precisely where ElectroWorld excels: high-end large-screen flat-panel displays, immersive home theater systems, and premium smart appliances."
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This article/section is under construction. |
| Please excuse its informal appearance while it is being worked on. We hope to have it completed as soon as possible. As usual, do not edit this page without the owner's permission unless you are correcting spelling and/or grammatical errors. |
Bankruptcy[]
On September 17, 2012, ElectroWorld Emporium and it's parent company filed for Chapter 11 bankruptcy. The filing followed the closure of 25 unprofitable locations outside of its core markets in April 2013.
On November 15, 2012, the company announced it was exploring "strategic alternatives", implicitly a sale of all or part of the business.
On January 17, 2013, the bankrupt company filed for reorganization under Chapter 11.
On March 27, 2013, the company announced that the sale had not been completed.
On June 15, 2013, the Chapter 11 case was finalized, and ElectroWorld said it would close all 191 of its locations (the 25 stores previously announced to be closing, plus the other 166 locations) and lay off about 2,500 employees. All stores were closed permanently on October 19, 2013.
ClassicHarmony brand[]
Launched in October 1997, ClassicHarmony was a store brand introduced by ElectroWorld Emporium to offer customers a range of affordable electronic products. The brand featured a variety of budget-friendly electronics, including DVD players, CD boomboxes, small televisions, MP3 players, cordless phones, and more. ClassicHarmony aimed to provide accessible technology options to a broader customer base.
Unfortunately, the ClassicHarmony brand was dissolved in November 2012. This dissolution was a direct consequence of ElectroWorld Emporium and its parent company filing for Chapter 11 bankruptcy, leading to the discontinuation of the brand.
Stock[]
Jerseytronics & Co. had its initial public offering on May 13, 1983, at US$19.77 per share, and was traded on the New York Stock Exchange under the ticker symbol JERTN (later called ELEWR).
On December 17, 2012, it was announced that the NYSE suspended trading of ELEWR in preparation for delisting.
ELEWR shares were formally delisted on February 21, 2013, and became listed in OTC Pink.
Donation Fund program[]
In May 1987, the Jerseytronics Donation Fund was established to provide a means for customers to contribute directly to the company's efforts in having new products for it's locations. Donations of any amount were accepted at all Jerseytronics locations.
The program saw particular success in its early years, partly due to special T-shirt offers. In June 1987, March 1988, and January 1989, Jerseytronics offered exclusive T-shirts to individuals who donated a specific amount or more to the fund. Donors would complete an entry form and receive their shirt by mail within 2-4 weeks.
Although the Jerseytronics Donation Fund proved to be a successful initiative, it was eventually discontinued in September 1995. This decision coincided with the company's rebranding and change of name to ElectroWorld Emporium.
Sponsorships[]
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References[]
External links[]
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