Sixth Ave. Electronics shutting its final location

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After nearly three decades in the electronics business, a Springfield-based electronics retailer is on its way out.

After nearly three decades in the electronics business, a Springfield-based electronics retailer is on its way out.

The final Sixth Avenue Electronics retail store, on Route 22 in Springfield, will hold a going-of-business sale, after which the store will close permanently, according to Alco Capital Group Inc., which has been appointed to oversee the sale of the retailer’s assets.

Sixth Avenue was founded in 1984 and opened its first store in New York. At its peak, the chain had 19 stores in New Jersey, New York, Pennsylvania and Delaware. According to an archived version of the store’s website, 12 of the 19 stores open this time last year were located in the Garden State.

In March, GE Commercial Distribution Finance Corp. sued Sixth Avenue seeking repayment of $9.6 million in debt, and in October, a Superior Court judge ordered the chain to close its three remaining stores, and assigned Alco Captial to sell off Sixth Avenue’s assets for the benefit of the lender.

“In this case, the creditors and debtor decided that an ABC (assignment for the benefit of creditors) might be a quicker and less expensive option than a traditional bankruptcy,” said Alan Cohen, president of Alco Capital, in a press release.

Cohen said the merchandise in the final store will be sold at substantial discounts. Store fixtures, furniture and equipment also will be sold.

Terrence Corrigan, a spokesman for Alco Capital, said the store will be open until its merchandise is sold out, which they anticipate happening sometime before Christmas.

The chain’s website also will be shut down at the end of the month, though Corrigan said it’s possible the website, name and/or customer lists could be sold, in which case the website might stay online under new ownership.