After 62 years, Ken Cranes, a leading Southern California big-screen TV retailer, is calling it quits.
Despite cutbacks and consolidating locations, the family-run business has not been able to withstand the economic downturn of the last few years.
Long known for its customer service in the home-theater market, the retailer announced Friday that its remaining six locations -- Torrance, Hawthorne, Encino, Pasadena, West Los Angeles and Westminster -- will be closed within 60 days.
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"In the past, we have been able to weather these kinds of economic storms because people tend to stay home more, tap into their home equity, upgrade their home entertainment systems, and wait for conditions to improve," Crane said. "Unfortunately, the combination of home foreclosures, tight lending policies and high unemployment combined to create the biggest recession in our company's history."
"This is unquestionably the most painful business decision our family has ever had to make," said Crane. "We have been a home for employees, a place of trust for our customers and vendors, and a source of pride and leadership among our competitors for many decades. As painful as this is, we plan to end this as fairly as we can for all concerned.
The retailer has posted liquidation sale prices on its website.