Purchase, N.Y. - Specialty electronics retailer Tweeter Newco, which recently filed for bankruptcy and was acquired by Shultze Asset Management, on Thursday announced that it has received $80 million in new financing.

The new financing includes a $60 million asset-based loan facility from Wells Fargo Retail Finance and a new $20 million term loan from Schultze.

Tweeter filed for Chapter 11 bankruptcy in June. Last month, it was acquired by Schultze for $38 million.

The company was founded in 1972, employs more than 2,400 employees, and operates over 100 stores under the Tweeter, Sound Advice, HiFi buys and Showcase Home Entertainment names.

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