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WAYNE, N.J. - Electronics Expo owner Leon Temiz is looking to dramatically downsize his business now that he has successfully bought it out of bankruptcy.
The Northern New Jersey A/V specialty chain, which operated seven showrooms and a clearance center at its peak, filed for Chapter 11 protection in March, citing mounting losses due to stricter pricing and marketing support policies by vendors.
Under a plan approved by creditors and a federal bankruptcy court, Temiz paid $1.5 million earlier this month to purchase the assets of Electronics Expo. He founded the business in 2003 after leaving Sixth Avenue Electronics, the now-shuttered New York-area A/V chain he ran with his brothers Billy and Mike.
The re-born Electronics Expo, operating under the newly created company Glamazon, will be a leaner operation, he told TWICE, with a greater focus on retail vs. online sales, and a...