|Recoton Files Chapter 11|
|Home Theater News Industry-Trade News|
|Written by Scott Selter|
|Wednesday, 09 April 2003|
Recoton, the former parent company of speaker company NHT, filed chapter 11 bankruptcy today. Recoton is a publicly held company that owns brands like Acoustic Research and Jensen among others.
Recently Recoton sold off the NHT brand to car audio manufacturer, Rockford. In published statements, Recoton’s CEO said that they will “seek to sell Recoton’s assets.” Recoton’s stock has plummeted over time from a high of around $6 per share to about 20 cents.
Source: CBS Marketwatch, Twice.com