At the end of last week, Nortek, Inc. reported their financial results for the fiscal second quarter and first half. While at first blush the overall numbers look good – sales up 9% in Q2 and 8% in 1st Half and returning to profitability for both periods – digging deeper shows that their technology business unit (TECH) and residential ventilation business unit (RESV) are not yet participating in the company’s turnaround. Given the significant amount of restructuring of their TECH segment, this result is troubling. [Read more…] about Nortek Financial Results Show That, Despite Best Efforts, TECH Remains Troubled
Archives for August 15, 2012
Former Retail Shining Star Vann’s Declares Bankruptcy
Based in Missoula, Montana, Vann’s Inc. has been a shining star of the retail business – for years a hearty player in a rugged part of the country where only the strong survive. Founded in 1961 by Pete Vann, the company has steadily grown over the years – adding locations, diversifying retail formats, and even expanding into online sales. But signs of stress began to emerge this year with the company closing one location in February, then replacing long-time CEO George Manlove in June with a CEO from outside the company, losing the support of a key lender in July, and finally declaring bankruptcy just a little over one week ago.
How did this all happen?…. [Read more…] about Former Retail Shining Star Vann’s Declares Bankruptcy
3vNet Picks Fielder Marketing as Rep for Northern California & Nevada
3vNet announced today that as part of the continuing growth trajectory for the reborn brand, it has selected Fielder Marketing as its sales representative for Northern California and Northern Nevada. Fielder Marketing, based in Reno, Nevada, was founded by Mark Fielder and represents several high quality specialty A/V brands.