The liquidation process has begun at Ultimate Electronics, less than six months after the store opened.
The retailer, which held 46 stores in 14 states, filed for Chapter 11 bankruptcy in late January before hiring a liquidator last week, as reported by OregonLive.com.
Ultimate Electronics, 4585 S. 76th St., opened in mid-September of 2010 and was viewed as competition to Best Buy just across the street. The Greenfield store was the only one in Wisconsin and filled the vacated building left by Circuit City in 2009.
According to Mayor Michael Neitzke, Ultimate Electronics leased the building from an area owner.
“Re-filling the building is subject to all sorts of variables: the lease, the bankruptcy, and so on,” Neitzke said. “I know that before Ultimate went in there were a number of other inquiries in the site. Sad part is, while Circuit City and Ultimate ran into trouble nationally as retailers, both did well at that location locally.”