WAYNE, NJ-Electronics Expo, which filed bankruptcy papers on Sunday, has stated in filings on Monday that it will keep its two stores open and website operational during its restructuring under Chapter 11 bankruptcy protection.
Leon Temiz, the founder and president of Electronics Expo, in court documents affixed blame for his firm's financial woes on minimum-advertised-price and universal-pricing policies imposed by manufacturers, according to The Record. They hurt the Electronics Expo business model of aggressive discounting and special prices to lure customers, he stated.
Temiz also cited electronics manufacturers' policy of prohibiting sales by "third-party websites," which barred Electronics Expo from selling products on e-commerce sites. See story in The Record.
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