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.
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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.
Why did FIH lose money for the first time? See details below… [Read more…] about Foxconn International Reports Biggest Financial Loss in Its History
Nortek SVP & Treasurer Edward J. Cooney Passes Away Suddenly
Nortek, Inc. announced today the sudden passing of its Senior Vice President and Treasurer Edward J. Cooney. Mr. Cooney had joined Nortek in 2001 after a 22-year career with Amtrol, Inc. Initially operating as the company’s Vice President and Treasurer, Cooney was named Senior Vice President in 2011.
See more on this unexpected development… [Read more…] about Nortek SVP & Treasurer Edward J. Cooney Passes Away Suddenly
CE Exchange Integrator Event Postponed
BREAKING NEWS
We learned today that the upcoming CE Exchange event scheduled to be held at the Foxwoods Resort in Mashantucket, CT May 6-8, 2013 will be formally postponed today by its promoters EH Events and CEPro. The event, a more intimate and interactive alternative to typical industry trade shows, took a completely new and fresh approach by making the show regional with education, training, market data, etc. becoming more meaningful as it’s tailored for the local area.
