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Steinhafels' American TV purchase approved

  • Associated Press
  • April 22, 2014 - 9:45 AM

MADISON, Wis. — 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.

Receiver Michael 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.

Steinhafels 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.

Judge Rhonda 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 ).

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