TheaterXtreme Poised for a Re-Launch
Grand Rapids, MI - March 26, 2011 - THEATERXTREME which filed for Chapter 7 bankruptcy, completed the sale of the former corporation in December of 2009 is putting plans in place now to re-launch the company.
of TXEG. "During the bankruptcy proceedings we did substantial due diligence and
found the Company's failure was not due to the business model, which was sound,
but a lack of funding to reach its full potential. TXEG's investment capital tightened
significantly in the final months of operation because of its financial relationship
with Circuit City. When Circuit City went out of business, TheaterXtreme was forced
Now that TheaterXtreme has cleared bankruptcy eliminating all the problems from
the past, TheaterXtreme Entertainment Group(TXEG) can start growing the company again.
The bankruptcy filing included TXEG's popular RowOne® furniture line. "It took
a lot of work to fix the problems with RowOne® but we met with our former store
owners, dealers, and AV advisors and made the corrections needed to the RowOne®
furniture line. We now have the furniture necessary to do Theater Xtreme's popular
"home theater out of the box concept" with columns, risers, prosceniums, chairs,
custom entertainment centers and RowOne® screens."
According to Cribbs, the new updated TheaterXtreme web site has gotten considerable
interest from consumers, potential investors, and inquiries about becoming a TXEG
operator. TheaterXtreme currently has seven of the original franchises still in
operation. "We are developing a new in-store gallery program for home entertainment
stores and retail furniture stores that want to increase sales," said Cribbs, "Many
retailers are looking for new ways to increase business and the success of the TXEG
business model will be a great way for them to improve their home theater business."
Former suppliers, upon learning about TheaterXtreme's plans to move the company
forward and expand into more markets, are working with TXEG to put special programs
in place to expand their sales base. "The time is right to re-launch a truly visionary
retail concept," Cribbs added, "smaller more efficient stores around 2,500 square
feet and new in-store concepts are the company's future plans."
On the drawing board is a new smaller conceptual store to open in the Wilmington,
Delaware area where it all began. "This would be a natural place to open a new
store," says Cribbs. TheaterXtreme still has a strong following in the Wilmington
area. With TXEG's name recognition, this would be a great starting point for a
"With the growth of the home theater market, TheaterXtreme's market approach, new
store concept, and expansion plans will make for exciting times for potential TXEG
operators and their customers," says Cribbs.
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Theater Xtreme designs, sells, and installs affordable front projection, and flat-panel based, home cinemas and complete entertainment solutions for home and business.