'Ultimate Electronics' to Close All Stores

, the Midwest-based retail chain that once competed with the likes of Best Buy and Circuit City, now joins the latter company following bankruptcy filings and an announcement that the chain will be closing.

The company, which is based outside Denver, CO, filed for bankruptcy late last month. Bloomberg News reports that the company's total assets and debts are worth roughly $100 million to $500 million.

Court records said the company has requested permission to sell all inventory and close its 46 nationwide stores.

"So everything you see in the store is going to have to be sold, and that includes all the appliances and fixtures," said a St. Louis area employee.

The employee added that notifications were sent out Thursday saying the company was entering a "reorganizational phase."

"But we didn't think that this was coming," the employee said, who confirmed that emails were sent Saturday informing empoyees of the stores' planned closures.

Phone calls to the Ultimate Electronics, Inc. headquarters in Thorton, CO on Monday were not returned. No timeline for shutting down the stores has been publicly announced, although an employee did confirm that the retailer plans to host a liquidation sale.

In addition to the Ballwin location, Ultimate Electronics has outlets in Fenton, St. Peters and Fairview Heights, IL.

The Denver Post reports that Ultimate Electronics has a total U.S. workforce of roughly 1,500 employees.