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In a release sent Monday, the company said the business will start a going-out-of-business sale on Thursday.
The release said the 60-year-old company struggled over the last five years and described the economy as "unforgiving."
“While this is a sad moment it is also a proud moment. It’s a moment to be proud of our efforts and to be proud of what we have delivered to the community,” said Doug Reuhl, President and CEO of American.
989 employees at 11 locations are affected. The locations include two stores each in Illinois and Iowa and five stores, corporate offices and distribution center in Wisconsin.
Employees will be compensated, with benefits, through the notification period. The majority will continue employment through the closing process, according to the release.
During the going-out-of-business sale, American said it will honor gift cards and provide refunds to customers who do not wish to redeem them. All extended warranty policies that customers purchased are valid and insured through a third-party insurance company.
Customers who have open orders waiting for delivery will either receive delivery of their goods or a refund of their deposit. All products in the service center will be repaired or returned to the customer prior to our closing.
American is filing Chapter 128 receivership to protect its creditors.Monday, February 17 2014, 10:00 PM CST
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