Adventure Electronics
Encyclopedia
Adventure Electronics Inc (Aventure Électronique in Quebec
) was a Canadian consumer electronics
retailer with its old head office located in Anjou, Quebec. Smaller stores, sized much like RadioShack
, were called Aventure Boutique. At that time, it was once Canada
's third-largest consumer electronics retailer after RadioShack and Future Shop
.
Founded in 1989 by Robert Fragman, it went bankrupt on November 16, 1998. All Adventure Electronics' 143 stores were closed, and 1,271 jobs were lost within 85 stores in Québec
and 58 in Ontario
. In an official statement, the leaders of this chain of distribution of electronic products stress that their decision was made inevitable following the loss of the financial support their principal creditors. Scotiabank
, by far the principal creditor guaranteed with a credit of almost CAD$
36,000,000, had given an opinion of defect one week ago and half. Adventure Electronics, not having been able to find the funds necessary to the re-establishment of its situation, the chain, which was committed in a plan of rectification since the beginning of 1998, had to resign itself to close its 143 stores. This was blamed on rival Future Shop's expansion into Quebec
in 1995.
With the demise of Adventure Electronics in 1998
, this left Future Shop
as its only big-box consumer electronics retailer until Best Buy
acquired Future Shop in 2001
, leading for Best Buy to open locations in Canada for 2002
.
Quebec
Quebec or is a province in east-central Canada. It is the only Canadian province with a predominantly French-speaking population and the only one whose sole official language is French at the provincial level....
) was a Canadian consumer electronics
Consumer electronics
Consumer electronics are electronic equipment intended for everyday use, most often in entertainment, communications and office productivity. Radio broadcasting in the early 20th century brought the first major consumer product, the broadcast receiver...
retailer with its old head office located in Anjou, Quebec. Smaller stores, sized much like RadioShack
RadioShack
RadioShack Corporation is an American franchise of electronics retail stores in the United States, as well as parts of Europe, South America and Africa. As of 2008, RadioShack reported net sales and operating revenues of $4.81 billion. The headquarters of RadioShack is located in Downtown...
, were called Aventure Boutique. At that time, it was once Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
's third-largest consumer electronics retailer after RadioShack and Future Shop
Future Shop
Future Shop is Canada's largest consumer electronics retailer. Future Shop currently operates a total of 146 stores across all of Canada's provinces as of December 2008....
.
Founded in 1989 by Robert Fragman, it went bankrupt on November 16, 1998. All Adventure Electronics' 143 stores were closed, and 1,271 jobs were lost within 85 stores in Québec
Quebec
Quebec or is a province in east-central Canada. It is the only Canadian province with a predominantly French-speaking population and the only one whose sole official language is French at the provincial level....
and 58 in Ontario
Ontario
Ontario is a province of Canada, located in east-central Canada. It is Canada's most populous province and second largest in total area. It is home to the nation's most populous city, Toronto, and the nation's capital, Ottawa....
. In an official statement, the leaders of this chain of distribution of electronic products stress that their decision was made inevitable following the loss of the financial support their principal creditors. Scotiabank
Scotiabank
The Bank of Nova Scotia , commonly known as Scotiabank , is the third largest bank in Canada by deposits and market capitalization. It serves some 18.6 million customers in more than 50 countries around the world and offers a broad range of products and services including personal, commercial,...
, by far the principal creditor guaranteed with a credit of almost CAD$
Canadian dollar
The Canadian dollar is the currency of Canada. As of 2007, the Canadian dollar is the 7th most traded currency in the world. It is abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies...
36,000,000, had given an opinion of defect one week ago and half. Adventure Electronics, not having been able to find the funds necessary to the re-establishment of its situation, the chain, which was committed in a plan of rectification since the beginning of 1998, had to resign itself to close its 143 stores. This was blamed on rival Future Shop's expansion into Quebec
Quebec
Quebec or is a province in east-central Canada. It is the only Canadian province with a predominantly French-speaking population and the only one whose sole official language is French at the provincial level....
in 1995.
With the demise of Adventure Electronics in 1998
1998 in Canada
Events from the year 1998 in Canada.-January to March:*January 1 - Toronto and six other communities are merged to form a new megacity. The next day Mel Lastman is sworn in as its first mayor...
, this left Future Shop
Future Shop
Future Shop is Canada's largest consumer electronics retailer. Future Shop currently operates a total of 146 stores across all of Canada's provinces as of December 2008....
as its only big-box consumer electronics retailer until Best Buy
Best Buy
Best Buy Co., Inc. is an American specialty retailer of consumer electronics in the United States, accounting for 19% of the market. It also operates in Mexico, Canada & China. The company's subsidiaries include Geek Squad, CinemaNow, Magnolia Audio Video, Pacific Sales, and, in Canada operates...
acquired Future Shop in 2001
2001 in Canada
Events from the year 2001 in Canada.- Incumbents :Estimated Canadian population: 31,110,565-January to March:*January 1 - The Ontario cities of Ottawa, Hamilton and Sudbury officially merge with their suburban municipalities to create new "megacities". Events from the year 2001 in Canada.-...
, leading for Best Buy to open locations in Canada for 2002
2002 in Canada
Events from the year 2002 in Canada.-Incumbents:Estimated Canadian population: 31,413,990-January to March:*January 11 - Ford Motor Co...
.