Bernie’s Files Chapter 11 Bankruptcy

[McBain]

Press release:

Bernie’s Files Chapter 11 Bankruptcy. Company Selects Hilco Merchant Resources to Manage Going out of Business Sale.

January 14, 2010 -- NORTHBROOK, Ill.--Bernie’s Audio Video TV Appliances Co., Inc. has today filed for Chapter 11 bankruptcy. After more than 60 years, the family-owned business has requested permission from the United States Bankruptcy Court for the District of Connecticut to conduct a going out of business sale. Hilco Merchant Resources has been selected by Bernie’s to manage all remaining sales at its 15 store locations in Connecticut (9 stores), Massachusetts (5 stores) and Rhode Island (1 store) effective as of January 15, 2010. A hearing to approve the going out of business sale is scheduled for tomorrow morning.

Every item, every brand, in every store will be on sale with no exclusions or exceptions. Discounts of up to 50% off original price will be found storewide. Consumers who shop can save on famous brand HD and LCD TVs, Blu-ray and DVD players, i-Pods and MP3 players, digital cameras, washers, dryers, refrigerators and other home appliances, furniture, mattresses and other home furnishings. Manufacturers’ warrantees are in full effect.

Michael Keefe, President of Hilco Merchant Resources, stated, “This is an outstanding opportunity for consumers in the region to save on a broad selection of brand names in home entertainment equipment, major appliances and more. Shoppers will find these stores very well stocked. Savings on every item plus a great selection will make for a very short sale. Consumers should not miss this exceptional opportunity for savings at a time when value is so important to so many people.”

About Hilco Merchant Resources, LLC
Based in Northbrook, IL, Hilco Merchant Resources (http://www.hilcomerchantresources.com) provides a wide range of analytical, advisory, operational, asset monetization and capital investment services to help retailers define and execute strategic initiatives. Hilco can acquire, co-invest in or facilitate the merger of retail operations; purchase or otherwise dispose of duplicative stores, underperforming divisions, unnecessary distribution centers, inventory, owned real estate, leases, and furniture, fixtures and equipment. Hilco also provides retail restructuring services, interim store management, loss prevention services, marketing and advertising management, merchandising management, and strategic store opening programs.

A complete list of closing store locations follows:
744 Queen St Southington CT
305 Boston Post Road Orange CT
101 Hale Road Manchester CT
2230 Berlin Turnpike Newington CT
167 Waterford Parkway North Waterford CT
855 Lakewood Road Waterbury CT
1559 King Street Enfield CT
410 Universal Drive North Haven CT
99 Federal Road Brookfield CT
40 Cumberland Ave North Attleboro MA
250 Whiting Farms Road Holyoke MA
1522 Boston Road pringfield MA
45 Highland Ave eekonk MA
470 Southbridge Road Auburn MA
920 Bald Hill Road Warwick RI