Ultimate Electronics Inc. has filed for Chapter 11 bankruptcy protection, after opening its first Oregon store in November.
Ultimate and its subsidiary CC Retail listed assets and debt ranging between $100 million to $500 million in paperwork filed Wednesday.
The opening was a coming home of sorts for owner Mark Wattles, who had brought together many of his former Hollywood Entertainment employees and executives to run Ultimate. Many of those executives worked part-time in Ultimate's Thornton, Colo.-based headquarters and the rest here in the Portland area. And, before the new store was unveiled in Tigard across from Washington Square, Wattles held a reunion party in the massive 40,000-square-foot space for all of his former Hollywood team.
It's the second bankruptcy in five years for Ultimate, which currently operates 46 home entertainment and consumer electronics stores in 14 states. The 43-year-old, once family-owned business filed for bankruptcy in 2005, at which point Wattles bought 32 -- or around half -- of the chain's stores. The other stores were closed.
Read more at OregonLive.com.