Strategy in TECH...
In new economic data released by the government today, the real gross domestic product (GDP) for the second quarter of 2020 declined an astonishing 32.9%, the worst ever such reading in recorded history. This result follows a decline of 5% in the first quarter and demarks a deep and painful recession resulting from the impact of the COVID-19 pandemic engulfing the United States, and the world.
Sonos Inc. and Lenbrook Industries announced today that they have reached a settlement agreement bringing the patent litigation brought by Sonos to a close. The agreement is confidential, so no terms were disclosed.
Melrose plc, parent company to Nortek, Inc., has taken some serious incoming hits this month – hits from both major credit rating agencies Fitch Ratings and Moody’s Investors Service. And these hits hurt. Fitch was first when they announced a couple of weeks ago that in a review of GKN Holdings Limited – Melrose’s largest holding by far – it was maintaining its credit rating at current levels, but it was changing its future “Outlook” to “Negative.” Today, Moody’s announced they too were changing their outlook on GKN from “Ratings Under Review” to “Negative.”
Two new economic reports from June covering the housing industry show promising results, with both residential construction (otherwise known as housing starts), and sales of newly constructed homes taking a nice bounce in June. This was welcome news after dramatic declines hit the housing market in early Spring.
But will it hold?
Multiple sources are confirming to Strata-gee that Nortek Security & Control (NSC or Nortek) is planning to shut down two of their brands – Sunfire and the once iconic Niles. The move is said to be the result of their relative under-performance as the company shifts its focus to the apparently more successful brands, such as Elan.
A national network of sales representatives have formed a group to promote and sell products supporting the residential wellness segment – sometimes known as the “healthy home” segment. Called the PureTech Alliance, the organization was conceived and formed by two former founding members of another national group – this one of regional specialty A/V distributors – known as the Alliance of Value Added Distributors (AVAD).
AVAD went on to become a successful $200 million national distributor that helped drive the growth of the custom installation channel and was ultimately acquired by Ingram Micro. Will lightening strike twice?
No…that headline is not a question. It is a suggestion. So let me explain what I’m talking about. There are many ways I try to determine which stories that Strata-gee readers like. One tool, widely used in social media, as well as on other digital properties, is the ‘like’ button. So let me tell you about Strata-gee’s trial ‘Like’ button.
What’s new at Strata-gee.com? In a word…EVERYTHING! I’m so excited to introduce you to the all-new design for Strata-gee.com. After several years working with the old layout…which served me well for a very long time, I’m incredibly buzzed to launch this new version.
In a new filing with the Securities and Exchange Commission, Sonos, Inc. [SONO:NASDAQ] announced a series of measures to try and get company costs under control in the wake of the COVID-19 impacted economy. More drastic than previous announcements, Sonos said it will cut its global headcount, close its New York retail store, close six satellite offices, cut the CEO pay, and further cut the executive team’s pay.
Bowers & Wilkins (B&W), a leading high-end specialty loudspeaker brand for 54 years, that recently zigged and zagged when it was acquired by EVA Automation and launched a whole new line of wireless multi-room audio systems, has taken steps to demonstrate its re-focus on their high-end, high-performance roots. These moves include re-hiring the company’s long time PR company and now launching new products that are true to its heritage as an undisputed leading premium brand.
