Steinhafels to buy American stores

A Dane County judge approved Steinhafels’ purchase of three former American TV stores — Madison’s east side store as well as a location in Appleton and another in Oak Creek — for $12.75 million. The company also says it will try to hire many of the former American TV employees who lost their jobs when the Madison-based retailer closed in April.

The three locations will be converted to Steinhafels Furniture stores later this year, giving Steinhafels 20 locations throughout the state and in Illinois.

Milwaukee-area real estate investor John Schlueter will purchase American TV stores in Pewaukee and Brown Deer for $7.25 million.

Receiver Michael Polsky asked the judge to approve both sales, saying he believed they were fair and reasonable. Negotiations to sell the company’s remaining locations continue.