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American going out of business

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The American electronics and furniture store in Grand Chute as seen on Monday, Feb. 17, 2014. (Photo from: FOX 11)
The American electronics and furniture store in Grand Chute as seen on Monday, Feb. 17, 2014. (Photo from: FOX 11)

MADISON, WI (WTAQ) - A Madison-based furniture and electronics store is putting up a permanent "closed" sign.

American, who's been in operation for six decades, is going out of business citing five years of an "unforgiving" economy.

“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,” president and CEO Doug Reuhl said in a news release. “Words cannot adequately express how grateful we are to our millions of loyal customers, and to the incredible, dedicated family of employees that we have been blessed with over our 60 years of business.”

According to company officials, 989 employees have received advance notice of the closing. The company has promised workers will be compensated, with benefits, through the closing process. Most of them will continue to have jobs, according to the company.

On Thursday, all stores will begin a going out of business sale. Gift cards will be honored through the closing process; refunds will be offered to customers who choose not to redeem their gift cards, the company promises. Customers who have open orders waiting for delivery will receive their goods or a refund of their deposit. All products in the service center will be repaired or returned to the customer before closing. Finally, all extended warranty policies are valid and insured, the company says.

According to American’s website, it has 11 stores, a service center and a distribution center in Wisconsin, Illinois and Iowa. Two of the locations are in the Appleton area.

(Partial reporting by FOX 11)

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