Onkyo Corporation, parent of the Onkyo, Integra, and Pioneer AV brands, is expanding its OEM business unit to help build its business and offset losses it has experienced over the last five years, according to a report by the Nikkei in Japan. Investors are said to be skeptical of the move, but the company is targeting the automotive segment in India where they expect to see significant growth.
At CEDIA Expo 2018, I had the opportunity to meet with Krell Industries executives Walter Schofield and Gordon Shackelford to learn more about the steps the company is taking to address market concerns in the wake of a lot of nasty rumors about Krell’s viability. Step one of the new direction for Krell involved the hiring of Walter Scofield as its new Chief Operating Officer as Strata-gee recently reported just a few weeks ago. In this meeting, I was to learn of more steps coming.
See what Krell execs told me about the company’s comeback… [Read more…] about Krell’s Comeback Commences, See How Here
In Restructuring, Company Scales Back to ‘Core Competencies’
All the way back in 2012, Onkyo Corp. and Gibson Guitar Corp. came together to partner in what both hoped would become an entity where the whole was greater than the sum of the parts. Just months after their announcement, Onkyo forged ties to another Japanese audio brand, Teac/Tascam – just as Gibson stepped in to buy a majority share of them…and the combined entity began to grow.
Little did they know that just six short years later, Gibson, the investor in Onkyo, would implode into bankruptcy – forced to extricate itself from its Onkyo aspirations. Onkyo was hit as well, losing its Gibson investment – forcing them to reassess their direction. We now learn that Onkyo has sold off its entire European operations to an accessory distributor known as Aqipa GmbH.
See more on this surprising announcement by Onkyo… [Read more…] about Gibson Investment Gone, Onkyo Sells Off European Operations
Sonos Inc. confirmed late yesterday that it has cut 6% of its staff, or 96 employees, just days before a highly anticipated public offering expected as early as next month. The cuts are said to have been across all department and at all levels.
See more on what we know about the Sonos staff cuts… [Read more…] about Sonos Cuts Nearly 100 Employees or 6% of Staff
We have been closely following – first Gibson Guitar and then Gibson Brands – from their decision in 2012 to shoot for the stars by using OPM (other people’s money) to make highly leveraged…and highly questionable…acquisitions of various consumer electronics brands (a category in which the CEO and his team had no experience) to their recent 2018 bankruptcy. Gibson was trying to diversify their musical instrument business into something that now former CEO Henry Juszkiewicz called a music lifestyle brand. Instead, they wound up in bankruptcy.
Let’s look at what some of the numbers in the Gibson filings reveal… [Read more…] about Painting the Gibson Bankruptcy by the Numbers
Best Buy has launched a corporate rebranding that is both sweeping in style and represents a shocking reversal of course, undoing much of its original mission that was created when founder Dick Schulze, President Brad Anderson and crew launched an entirely new store concept known as “Concept II.” Concept II was a reinvention of their formerly more traditional superstore design to a new warehouse style discount store designed to deliver the “Best Buy” on all things tech. This new branding change is to such a significant degree that even Advertising Age Magazine (AdAge) devoted significant space to an analysis of it.
See more on this surprising reversal of the genesis of Best Buy’s founding concept… [Read more…] about Best Buy Rebranding Reverses Historic Course
Leon Speakers announced this week that it has acquired Terra Speakers in a transaction that is said to offer Leon a greatly expanded portfolio of high performance products targeted for the outdoor and commercial segments. The company says this acquisition provides “new residential and commercial business opportunities” with a company renown for rugged, all-weather outdoor speakers.
See more on this Leon and Terra transaction… [Read more…] about Leon Acquires Terra Speakers, Expanding Assortment
Founded in 1894, it is a mark of their long-term brand success that Gibson has become such a large and far-flung international organization. In a cursory review of documents submitted to the court as part of their bankruptcy filing shows, legendary performers such as Muddy Waters, BB King, Elvis Presley, Pete Townsend, Keith Richards, Duane Allman, Elvis Costello, Lenny Kravitz, Slash, Dave Grohl, Joe Bonamassa all used various Gibson products that, in some cases, became a signature of that performer. And yes, the bankruptcy filing promotes these iconic names.
But from these Gibson filings, we’ve learned so much more… [Read more…] about Docs Show Gibson Bankruptcy Bigger Than You Think
Filing Pre-Negotiated with Bondholders, CEO & Pres Stay thru Transition
Gibson Brands Inc. announced today that it has filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. Chapter 11 denotes the company plans a reorganization and the company says it has reached an agreement with certain existing bondholders called a “Restructuring Support Agreement.” This agreement is with holders of more than 69.0% of the debt due in 2018
See more on this anticipated development… [Read more…] about Gibson Brands Files for Bankruptcy
The Wall Street Journal is reporting that wireless music system maker Sonos is getting ready for the big time by planning an initial public offering. According to the report, the IPO could happen as soon as this July…or even June.