Gibson Guitar Corp., a manufacturer of musical instruments and significant shareholder in Onkyo Corp. and majority owner of Onkyo USA, has entered into a “Criminal Enforcement Agreement” with the U.S. Department of Justice settling matters and circumstances surrounding government allegations of their illegal purchase and importation of woods and materials protected by environmental regulations and laws. As part of their settlement, Gibson admits the government’s allegations are true, agrees to pay a penalty of $300,000, agrees to an additional “community service” payment of $50,000 to the National Fish and Wildlife Foundation, implements a strict compliance program (approved by DOJ enforcers) to prevent future violations, and relinquishes claim to more than $260,000 worth of government-seized illegally imported materials. [Read more…] about Gibson Guitar Admits It Broke the Law; Settles with DOJ to Avoid Criminal Prosecution
Bloomberg News reported on Monday that the Best Buy Co. board of directors has received a letter with an offer from company founder and former chairman Richard Schulze to acquire all outstanding shares of the company stock and take it private. Schulze is said to have the support of at least two private equity companies and an investment bank that is confident it can arrange adequate financing. Schulze also says several former Best Buy executives are interested in joining him in the process of reinvigorating the company.
Analysts are skeptical… [Read more…] about Best Buy Founder Schulze Rounds Up the Old Gang for One Last Try
In an association that is somewhat unique in our industry, Indy Audio Labs, LLC, (IAL) the company that manufacturers the Acurus & Aragon high-end brands, has hired John Caldwell, founder and CEO of Grace Motif to handle sales for the IAL brands. Interestingly, they have awarded Caldwell the title of Vice President of Sales for IAL while he retains his title and functions at Grace Motif. [Read more…] about Grace Motif’s John Caldwell to Handle U.S. Sales for Indy Audio Labs’ Acurus & Aragon Brands
In news that is likely yet another indicator of the depths of the struggles of the consumer electronics industry, M. Rothman & Company, Inc. – a large consumer electronics distributor based in Ramsey, New Jersey and a one-time powerhouse supplier of a wide variety of electronics and appliances for the entire New York Metropolitan marketplace, has been sold to Z. Reiss & Associates. While rumors have been circulating about Rothman for some weeks – we have only now been able to confirm the company is in fact been sold to another New York-based distributor. [Read more…] about After 62 Years, New Jersey’s M. Rothman & Company Sold to Z. Reiss
New industry player, 3vNet – formerly known as Colorado vNet – announced today that it has selected a Director of Sales. According to the company, Matt Curtin is the company’s new Director of U.S. Sales, effective immediately, and will take over directing the sales activities of the company’s independent sales representatives. [Read more…] about Continuing to Ramp-Up, 3vNet Announces Its Pick for Director of U.S. Sales
Residential Systems Editor-in-Chief Jeremy Glowacki, probably one of the smartest, classiest guys in the industry, revealed on his blog earlier this week that he has been elected to CEDIA’s “Fellows” Program. A honor only bestowed upon a handful of industry executives every year, Glowacki displayed honest surprise at his selection. And, in noting that the honor apparently comes with lifetime CEDIA membership – turned wistful in an emotional blog post about the current state of the industry in So Many Departures in So Little Time. [Read more…] about Residential Systems Editor Glowacki Named to CEDIA Fellows Program; Blogs Wistfully about Industry Turmoil
Only weeks after reporting of the triumphant return of Oscar Ciornei to Russound, a company for which he was once COO earlier in his career, news comes to us that the parties have agreed to part company. A swift and surprising development – the company says the reason for the mutually agreed-upon separation was an emerging conflict with an existing client. However, we have received reports that suggest other issues may have also been a factor.
Only one month on the job, what went wrong?… [Read more…] about Four Weeks Later, The OAC Group and Russound Call Off Agreement
THIEL Audio announced today that it has appointed Scowcroft Associates as its sales representative for the Rocky Mountain territory effective immediately. Well-known and respected in the territory, Scowcroft Associates is also very experienced in the sales of mid- to high-end product lines.
Colorado vNet, the high-tech control and home automation company that has had an up-and-down roller-coaster existence – dying twice, only to be reborn twice – and eventually given-up on and sold off…hopes that the old adage, “third time’s the charm” is true. CEO Mike Anderson announced today that he is re-launching the company with a new brand – now 3vNet – and a new attitude, telling us that this is not a makeover, but in fact a whole new company with new facilities, new engineering, and a new higher level of tech support the likes of which dealers haven’t seen in years.
See what the all-new 3vNet has in store to excite dealers & drive market share…
Earlier this year, we reported on a trademark infringement suit filed by Signeo USA, LLC, vs. Sol Republic. Signeo is the corporate name for a company better known in the trade as the Soul by Ludacris brand of headphones. Sol Republic denied Signeo’s allegations and filed a counter-suit suggesting, amongst other things, that Signeo’s trademark application was improper. Signeo also filed a motion for a preliminary injunction, seeking a court order to stop the sales of Sol Republic products.