In a series of filings associated with the Chapter 11 voluntary bankruptcy filing by Wayne, NJ-based Electronics Expo, we are learning new details on the slippery slope the company found itself facing in 2012 – a slope that landed them in court, seeking protection from creditors. The filings included an affidavit from company Managing Member and President Levent (known as Leon) Temiz that said circumstances left them with “no alternative but to conclude that a reorganization under Chapter 11 was the best way to stabilize the Debtor’s financial condition and maintain sufficient flexibility to restructure its debt while continuing to operate its business.”
Ube Successful in Getting Smart Dimmer Funded on Kickstarter
BREAKING NEWS
Ube, a start-up company that combines the processing power of your mobile device with the capability of cloud-based software to create a new level of affordability in home automation products for the rest of us, has successfully completed a funding project on the crowdfunding site Kickstarter. As a result, the company’s first product, a Wi-Fi-enabled smart dimmer, is fully funded and will be built and shipped in just a matter of a few months.
See more on this exciting development and on Ube… [Read more…] about Ube Successful in Getting Smart Dimmer Funded on Kickstarter
First Onkyo – Now Gibson Guitar Acquires Majority of Teac; Can Gibson Put the Pieces Together?
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.
Can Gibson put the pieces together into a cohesive – and profitable – group?… [Read more…] about First Onkyo – Now Gibson Guitar Acquires Majority of Teac; Can Gibson Put the Pieces Together?
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
DDG: Launchpad’s Almost Complete – Takeoff is Imminent
DDG Executive Director
In late December 2012, just days before the January Consumer Electronics Show, there was a relatively significant shift in alliances in the world of national distributor groups that we reported on. First we learned of the creation of a new group, CatalystAV – a group whose announcement contained the names of four members of the existing Digital Delivery Group (DDG) group. We also learned that DDG, in addition to losing some key members, had also parted ways with existing Executive Director Dave Kaplan and hired Daniel Kippycash of The DaVinci Group as his replacement.
Now 90-days later, Kippycash updates us on the group’s progress… [Read more…] about DDG: Launchpad’s Almost Complete – Takeoff is Imminent
EXCLUSIVE: Core Brands Set to Announce Sweeping New Initiatives April 1st
Senior VP of Marketing
Core Brands, a division of Nortek, Inc., will announce sweeping new structural and marketing initiatives this coming Tuesday, April 1st, Strata-gee.com has learned from multiple sources. In a recent post on parent company Nortek, we alluded to sources telling us about impending changes in what was to be a major announcement – literally a fundamental change in the way the company does business.
Find out what Core Brands is set to announce next week… [Read more…] about EXCLUSIVE: Core Brands Set to Announce Sweeping New Initiatives April 1st
Tech Data Must Restate Financials for Last Three Years
BREAKING NEWS
Clearwater, FL-Based Tech Data Corp. said today that it will restate some of its financial results for the period of time covering the fiscal years of 2011, 2012, and 2013. According to the company, it has discovered “improprieties” with how its U.K. subsidiary reflected vendor accounting.
See more on this surprising announcement…find out how big the impact will be… [Read more…] about Tech Data Must Restate Financials for Last Three Years
Nortek’s TECH Segment’s Troubled Transformation
In a recent fiscal year 2012 fourth quarter and full-year report, Nortek, Inc. showed a mixture of hit-and-miss results with fourth quarter sales dropping 5.6% to $505.4 million as compared to Q4 2011’s $535.2 million. Worse yet, the company’s Q4 net loss increased from last year’s $800,000 to a substantial $12.5 million. These results were in spite of the fact that this year’s calendar for the quarter had two more days in it than the quarter last year.
However, Nortek’s overall annual results showed a brighter picture with 2012 sales increasing to $2.2 billion, up 2.8% from the previous year’s $2.14 billion. Net profits in 2012 came in at $9.5 million – a substantial improvement over 2011’s net loss of $55.9 million.
But one other thing came through loud and clear…Nortek’s TECH segment remains troubled… [Read more…] about Nortek’s TECH Segment’s Troubled Transformation
Former Thiel Co-Founder Joins Magnet Supplier
Quadrant Solutions, a supplier of magnets and magnetic assemblies announced today that Kathy Gornik, former co-founder of high-end loudspeaker manufacturer Thiel Audio, has joined the company in a new business development role. Gornik’s appointment is effective immediately.
See more on this announcement, including the status of fellow ex-Thiel employee Dawn Cloyd… [Read more…] about Former Thiel Co-Founder Joins Magnet Supplier
Foxconn International Reports Biggest Financial Loss in Its History
Foxconn International Holdings Ltd. (FIH), announced today that for fiscal year 2012 the company had the biggest loss ever since it listed its stock in 2005. FIH, which says it is the world’s largest contract manufacturer of cellphones, booked a net loss of $316.4 million for the year.
