American TV facing more than $64 million in claims

After going into receivership earlier this year and closing all its locations, American TV & Appliance of Madison still faces $64 million in unsecured claims from companies and individuals, according to an article in the Wisconsin State Journal.

The largest claims remaining to be settled include a $38 million claim from landlords of some of the former retail store locations; $11.4 million from Ohio-based Comenity Bank, which provided American TV with its private-label credit cards; and $5 million from Whirlpool Corp. These three claims will be settled before any individual claims are decided.

American TV had $12.4 million in its coffers as of Nov. 4, but the company will get a slight boost with the anticipated sale of its Des Moines location to Goodwill Industries for a reported $5.9 million.

Other former store locations have already been sold off, including two properties in Madison; one each in Appleton, Oak Creek, Pewaukee, and Brown Deer; and a vacant lot in Oak Creek. The Rockford, Ill., store is still on the market.