The South Portlander

Tweeter—a high-end electronics retailer—is going out of business.
The Massachusetts-based chain will close all 94 stores it operates in the U.S., including in South Portland.
A large sign is draped over the Maine Mall Road store proclaiming that the big box retailer is going out of business.
The closing of once-thriving retailers has become one of the more visible signs of the tough economic times, as consumers spend less, employers trim work forces and prices for goods and services rise.
With consumer spending down, retailers that sell big-ticket items are feeling the squeeze the most, with people buying fewer cars, fewer big-screen TVs and less furniture.
Tweeter has about $165 million in debt, and filed for bankruptcy a little over a year ago. The company is advertising 20 percent to 50 percent off the price of everything in the store.
Meanwhile, Maine Mall owner General Growth Properties is trying to stave off bankruptcy, with close to $1 billion in debt payments due Dec. 1. Linens ‘n Things, one of the mall’s anchor stores, also plans to go dark after Christmas. The bedding store is another victim in the sharp drop in consumer spending.

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