Ken Crane’s, a landmark Southern California retailer specializing in high-end televisions and home theater systems announced today that it will shutter all six of its locations and cease operations in 60 days.
The company said it’s the victim of the economy. Founded in 1948 as a TV-set dealer at the dawning of the TV era, the company had its best year ever just four years ago in 2006, it said. But the recession combined with relentless competition from lower-priced chains and discounters did in the company.
Said company president Casey Crane, in a statement, "This is unquestionably the most painful business decision our family has ever had to make. 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. We may not be the first consumer electronics retailer to close in Southern California, but I sure hope we are the last.”