American, a Wisconsin-based retailer with a Davenport location, announced this morning that it is closing the company after 60 years in business.
In a news release, American said the stores will be closed after completing a going-out-of-business sale beginning Thursday.
"While this is a sad moment it is also a proud moment," American President and CEO Doug Reuhl said in the release. "It's a moment to be proud of our efforts and to be proud of what we have delivered to the community."
The company said advance notice of the closing was given to the 989 employees affected in 11 locations in the Midwest.
The Davenport store opened in November 1998 on Elmore Avenue.
American is filing a Wisconsin Statues Chapter 128 receivership for protection of its creditors.
From American TV Furniture Electronics & Appliances: The last five years have been very difficult for our industries. We have fought hard, valiantly and with great integrity. We are proud of our efforts but the economy has been unforgiving. So after 60 years of serving our customers we will be closing our business forever after completing our going-out-of-business-sale beginning Thursday, February 20.
“While this is a sad moment it is also a proud moment. It’s a moment to be proud of our efforts and to be proud of what we have delivered to the community”, said Doug Reuhl, President and CEO of American since 1988. “Words cannot adequately express how grateful we are to our millions of loyal customers, and to the incredible, dedicated family of employees that we have been blessed with over our 60 years of business”. Advanced notice of the business closing has been given to the 989 employees affected in eleven locations. Employees will be compensated, with benefits, through the notification period, and the majority will continue employment through the closing process.
American is filing a Wisconsin Statutes Chapter 128 Receivership for the protection of its creditors. Michael Polsky will be appointed as the receiver for the business. A going-out-of-business sale will begin on Thursday, February 20th at all stores to liquidate American’s entire inventory of furniture, electronics and appliances.
During this sale, American will continue to fully serve our customers:
• We will honor gift cards during the store-closing sale and provide refunds to customers who do not wish to redeem them.
• All extended warranty policies that customers purchased are valid and insured through a third-party insurance company.
• Customers who have open orders waiting for delivery will either receive delivery of their goods or a refund of their deposit.
• All products in our service center will be repaired or returned to the customer prior to our closing.
Our deepest thanks go to the millions of customers we have served over the last 60 years and to the employees who provided that service.