Gibson Guitar Corp. announced last Friday morning at 4:00AM EDST that it would acquire a controlling interest in Japan’s Teac Corp, extending it’s entré into consumer electronics market via newly affordable, if struggling, Japanese companies. Last year, Gibson took a significant minority stake in Onkyo Corp., and additionally purchased a majority share of Onkyo’s American subsidiary, Onkyo USA. Teac, with both a consumer business under the Teac and Esoteric brands, and a professional business under the Tascam brand, broadens Gibson’s consumer and pro initiatives.
Retailers
Electronics Expo Falls into Bankruptcy
Wayne, NJ-based Electronics Expo, an independent regional retail chain selling quality A/V electronics, has entered bankruptcy as of March 31st. The company, which at one time had as many as eight locations at its peak, is now down to two showrooms and one outlet center at its offices, according to a report by NorthJersey.com. Electronics Expo is owned by Leon Temiz, once a partner with family members in another regional player, Sixth Avenue Electronics.
See the “Who’s Who” list of vendors who were hit in this most recent bankruptcy… [Read more…] about Electronics Expo Falls into Bankruptcy
HES Announces 14 New Members
Home Entertainment Source announced today that it has added a total of fourteen new members during the time period of November 2012 to February 2013. A large class of new additions, the group says they had a strong finish for 2012 and kicked of 2013 with serious momentum. The buying group says they are now a total network of 500 dealers strong.
See more on this announcement including who these new HES members are… [Read more…] about HES Announces 14 New Members
Monster Creates $30K ‘Crown Jewel’ Headphone for Harrods of London
Monster Products announced late today that it has created a one-of-a-kind “crown jewel” headphone based on its Diamond Tears model as redesigned by Korean artist and jewelry designer Sally Sohn for the exclusive Harrods of London department store. The new headphones feature 5.56 carats of black diamonds and plenty of 18k gold…oh, and it comes with a hefty price tag of £20,000. That’s $30,000 in good old U.S. greenbacks.
See this remarkable headphone below. Will this be Monster’s tour de force? Or a tour de farce?… [Read more…] about Monster Creates $30K ‘Crown Jewel’ Headphone for Harrods of London
Founder Schulze Considering Abandoning Deal for Best Buy
Former Best Buy Chairman
Multiple news outlets, including the Wall Street Journal and Reuters News Service, are reporting that Best Buy founder Richard M. “Dick” Schulze is considering abandoning his bid to take the company private. Schulze had informed the Board of Directors in August 2012 that he intended to purchase all outstanding shares of stock to take the company private. After months of study and planning, Schulze is said to be ready to scuttle the plan.
Why, after so much effort, is Schulze considering dropping his bid?…See what we discovered… [Read more…] about Founder Schulze Considering Abandoning Deal for Best Buy
IC Realtime to Become ProSource Vendor at Upcoming HES Summit
ProSource, which bills itself as the country’s largest specialty and consumer-electronics merchandising group, announced today that IC Realtime would become a vendor for the organization at their upcoming HES Summit taking place February 17-20, 2013 at the Orlando Marriott World Center.
See more on this new vendor for the group here… [Read more…] about IC Realtime to Become ProSource Vendor at Upcoming HES Summit
Two More Directors Leave Best Buy
Best Buy Company, Inc. announced this past Monday that two of its directors had resigned, including one that had served in the role of chief executive in the past. These departures come seven months after the departure of company founder Richard Schulze who is now working to make a bid for the struggling retailer.
With these departures, Best Buy’s board now has four vacancies… [Read more…] about Two More Directors Leave Best Buy
Businessweek Names Best Buy’s Brian Dunn as Worst CEO of the Year
Businessweek Magazine has published online their latest annual list of the five worst CEOs of the year. The short list, not one that CEOs hope to see their names featured on, is topped this year by a CEO from the consumer electronics retailing industry – none other than Brian Dunn of Best Buy. Dunn, who left Best Buy in April in the wake of a scandal involving an inappropriate relationship with a female subordinate, earned the title of the absolute worst chief executive on 2012 – and it wasn’t even because of the affair!
See why Businessweek feels Dunn is the “absolute worst chief executive of 2012″… [Read more…] about Businessweek Names Best Buy’s Brian Dunn as Worst CEO of the Year
Best Buy Warns Profits Will Be ‘Significantly Below’ Last Year, Cuts Senior Managers
BREAKING NEWS…
After the close of the market today, Best Buy warned Wall Street that its third quarter earnings and same-store sales will be significantly below the same quarter last year. The company also announced that head of U.S. business Mike Vitelli, and other executives, will leave the company at the end of this fiscal year in early February.
But the warning to Wall Street went even further… [Read more…] about Best Buy Warns Profits Will Be ‘Significantly Below’ Last Year, Cuts Senior Managers
Azione Unlimited Buying Group Adds New Vendors; Releases Details on Upcoming Meeting
Azione Unlimited announced today that it has added two new vendors to its “intentionally short list of vendor members.” The new vendors are Assurity Design Group and Triad.
The organization also released additional details on its upcoming fall conference.
