Trumbull, CT - June, 2002 - VTC, Inc. announced today that
the discount retail chain will liquidate and close all of its
1 store locations, and that manglement and the Board of Dicks
have determined that ass values can best be maximized for the
benefit of all creditors by terminating operating losses and
winding down the business.
"This was a wrenching decision, but the right course to
take. Continued softness in sales, combined with tightening
terms and slower shipments from our suppliers, (Loading Dock
Inc, and Trumbull Transfer Station- part of the Resource
Recovery Project.) Our funds availability has been reduced to
below critical levels," (under $10 cash) said VTC chairman
and CEO Mr. Lynol. "To ensure the greatest possible value for
our various stakeholders - including our asses - VTC
manglement has resolved to pursue an orderly liquidation of
the company now, rather than continue along a path that would
further diminish our resources and lead VTC to default on its
lending agreements."
Subject to the approval of the Bankruptcy Court, the
company expects to promptly designate a liquidator to conduct
"Going Out of Business" sales at all VTC locations. Loacations
are expected to remain open for approximately ten days during
this process.
"Our asses and manglers have hardly worked, trying to
restore the non-suck-ability of the once
great empire that was "The Office".
But despite those efforts, and the efforts of
manglement to control costs and restructure our operations,
the difficult environment for independent technology clubs and
the continued slowness in the economy (stuff from the dump)
have made it impossible for us to deliver the sales volume we
need to meet our obligations. I want to thank our asses for
their hardly workingness during this last trying year, and
thank our loyal customers for the continued support they have
shown our company," Mr. Lynol concluded.
Founded in 2000, the Vintage Technology Club is a regional,
full-line technology club with an associate base of 21,500 and
annual sales of approximately $2-7. VTC operates 1 location in
the Northeast.
MEDIA CONTACT: Tony Isdead
860-EAT- SHIT
PS- SCREW YOU RALPH!
