| Fretter | |
|---|---|
| Fate | Bankrupt |
| Founded | 1970s |
| Defunct | May 1996 |
| Location | Detroit, Michigan |
| Key people | Oliver Fretter, founder |
Fretter was an electronics store based out of Detroit, Michigan, with locations nationally, founded during the 1970's. Electronics refers to the flow of charge (moving Electrons through Nonmetal conductors (mainly Semiconductors, whereas electrical Year 1970 ( MCMLXX) was a Common year starting on Thursday (link shows full calendar of the Gregorian calendar. In 1992, Fretter acquired their biggest competition of the time Silo Electronics, a company that had previously not turned a profit since the 1980's. Year 1992 ( MCMXCII) was a Leap year starting on Wednesday (link will display full 1992 Gregorian calendar) Silo was an electronics retailer that opened in 1947 and operated throughout the United States until its demise in 1995 Year 1980 ( MCMLXXX) was a Leap year starting on Tuesday (link displays the 1980 Gregorian calendar) This was an attempt by Fretter to compete with its new major competition, electronic superstores Circuit City and Best Buy, which were much larger stores than Fretter. Circuit City ( is an American dealer and retailer in brand-name consumer electronics personal computers and entertainment software Best Buy Co Inc ( is a Fortune 100 company and the largest specialty retailer of Consumer electronics in the United States and Canada This move would lead the company into serious debt and Chapter 11 bankruptcy and forcing the chain to close many locations by 1993. Debt is that which is owed usually referencing Assets owed but the term can cover other obligations Chapter 11 is a chapter of the United States Bankruptcy Code, which permits reorganization under the Bankruptcy laws of the United States Year 1993 ( MCMXCIII) was a Common year starting on Friday (link will display full 1993 Gregorian calendar) All Silo Electronics stores were closed by 1995, with the following of all Fretter locations closing by May 1996. Silo was an electronics retailer that opened in 1947 and operated throughout the United States until its demise in 1995 Year 1995 ( MCMXCV) was a Common year starting on Sunday. Events of 1995 Year 1996 ( MCMXCVI) was a Leap year starting on Monday (link will display full 1996 Gregorian calendar) [1][2][3]
References
- ^ Lisa Holton (December 17, 1991). "Not always better to shop at Fretter's: Ward's suit". Chicago Sun-Times. “Montgomery Ward slapped Fretter Inc. with a federal lawsuit Monday, alleging that the Detroit-based electronics superstore made false claims in a recent TV ad saying Fretter's prices were better than Ward's. ”
- ^ Jerry Ackerman (November 10, 1995). "Fretter closes all NE stores, retail promises to honor warranties, refund deposits". The Boston Globe. “With its brand appeal apparently waning and new competition on the horizon, Fretter Superstores yesterday quit New England, closing its 15 electronics outlets in Massachusetts and New Hampshire and directing queries to a toll-free 800 number. Although doors were locked and telephones went unanswered at local stores, Fretter Inc. , based in Livonia, Mich. , told state officials that consumers who have made deposits on merchandise or have warranty claims would be protected. ”
- ^ Matt Roush (December 2, 1996). "How Fretter fell.". Crain's Detroit Business. “'Whole bunch of things' led to demise of appliance icon. Don't feel sorry for Ollie. It is true that the collapse of Fretter Inc. cost founder Oliver Fretter millions of dollars in paper profits, as he watched his remaining 3. 5 million-share, 33 percent stake in the company decline to virtual worthlessness. But between the company's 1986 initial public offering and its 1993 combination with the Silo chain, owned by British electronics giant Dixons plc, Ollie Fretter already had cashed out of the company twice, putting about $35 million in his pockets. Of note is the founder, Ollie Fretter, who was well known in the Detroit Area in the 1970’s via his comical TV commercials in which he hawked – “I’ll give you five pounds of coffee if I can’t beat your best deal. The competition knows me, you should too!” Ollies very first store was located on Telegraph Road just north of Interstate 96 in the city of Redford, MI, and the main warehouse, warehouse store and company headquarters, was located on Schoolcraft Road (I-96 service drive) in Livonia, Michigan. ”
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