Is Hales finished for Good?

I knew Wadia and Hales were in trouble but it was my understanding at least Hales was predicted to survive.I went into Soundworks in Roch.NY today and I was told they both were bankrupt/dead.I was told many customers were waiting on Rev.3's and may have trouble getting their money back from Hales/Wadia as many prepaid for speakers etc. but the cash was tied up.Anytruth to all this?