6 Pop Songs Great for Audio Demos
Worst DIY Installs Ever Part 7
10 Must-Have Products for Your Next Install
6 Amazing High-End Home Theaters
Print
Email
Comments (0)
Share
Inside Harvey’s Failed Acquisition of MyerEmco
Gary Yacoubian, president of MyerEmco, discusses the doomed merger with Harvey Electronics, his outlook and what he'd do differently next time.
A lifestyle room in MyerEmco’s Bowie, Md. store.
Most industry folks probably stopped thinking about Harvey Electronics' attempted acquisition of MyerEmco AudioVideo seconds after it was pronounced dead in mid-August.
Those directly involved in the attempted acquisition, however, have given the situation some post-mortem thought.
Lyndhurst, N.J.-based Harvey had agreed to pay over $10 million and assume debt for privately owned MyerEmco's 10 Mid-Atlantic stores in the spring.
What followed was a series of delays culminating with a statement from MyerEmco that the deal hadn't been closed by its August 10 deadline and, consequently, was off.
Efforts to obtain comments from Michael E. Recca, interim chief executive officer of Harvey, began on Aug. 15, at which time he declined comment until the company filed an 8-K report with the Security and Exchange Commission.
On Oct. 23, he cited restrictions and postponed comment for one week. As of deadline for this story (published in December CE Pro Retailing), efforts to obtain comments were unsuccessful.
Gary Yacoubian, president and COO of MyerEmco, recently shared with us some reflections on the acquisition attempt and lessons learned.
The acquisition process, as he described it, may have been a dizzying experience for MyerEmco, but since Harvey's attempt fell through, Yacoubian says things have been status quo with the company.
"As far as MyerEmco goes, we're in the exact same position as we were at this time last year," he said in late October. "We're gearing up and getting ready for the holiday season."
He added that he's actually pretty excited about moving forward as the company is currently constructed.
"I think we're happy with our current position, our financial position and our position in the marketplace."
That sentiment is consistent with a statement Yacoubian made when the acquisition was announced dead: "MyerEmco AudioVideo has never been in a stronger position to move forward and grow than it is today.
"Our unique custom installation/retail hybrid strategy has resonance in the D.C. market as never before, as the reality of digital convergence in the home manifests itself. Our ability to add value via our trained sales force and custom installation infrastructure has real resonance in an environment of declining average selling prices in the flat-panel TV realm."
The positive spin raises the question of whether or not MyerEmco would have been able to "move forward and grow" after being acquired by Harvey.
To that, Yacoubian answered, "I don't have a clue."
Those directly involved in the attempted acquisition, however, have given the situation some post-mortem thought.
Lyndhurst, N.J.-based Harvey had agreed to pay over $10 million and assume debt for privately owned MyerEmco's 10 Mid-Atlantic stores in the spring.
What followed was a series of delays culminating with a statement from MyerEmco that the deal hadn't been closed by its August 10 deadline and, consequently, was off.
Efforts to obtain comments from Michael E. Recca, interim chief executive officer of Harvey, began on Aug. 15, at which time he declined comment until the company filed an 8-K report with the Security and Exchange Commission.
On Oct. 23, he cited restrictions and postponed comment for one week. As of deadline for this story (published in December CE Pro Retailing), efforts to obtain comments were unsuccessful.
Gary Yacoubian, president and COO of MyerEmco, recently shared with us some reflections on the acquisition attempt and lessons learned.
The acquisition process, as he described it, may have been a dizzying experience for MyerEmco, but since Harvey's attempt fell through, Yacoubian says things have been status quo with the company.
"As far as MyerEmco goes, we're in the exact same position as we were at this time last year," he said in late October. "We're gearing up and getting ready for the holiday season."
He added that he's actually pretty excited about moving forward as the company is currently constructed.
"I think we're happy with our current position, our financial position and our position in the marketplace."
That sentiment is consistent with a statement Yacoubian made when the acquisition was announced dead: "MyerEmco AudioVideo has never been in a stronger position to move forward and grow than it is today.
"Our unique custom installation/retail hybrid strategy has resonance in the D.C. market as never before, as the reality of digital convergence in the home manifests itself. Our ability to add value via our trained sales force and custom installation infrastructure has real resonance in an environment of declining average selling prices in the flat-panel TV realm."
The positive spin raises the question of whether or not MyerEmco would have been able to "move forward and grow" after being acquired by Harvey.
To that, Yacoubian answered, "I don't have a clue."
MyerEmco's Collapse
Subscribe to the CE Pro Newsletter
Read more Mergers and Acquisitions stories
Nortek Names Sean Burke President of Home Technology SegmentSavant Acquires LiteTouch: Home Automation Meets Lighting Control
SurgeX, Certified Cyber Solutions Form ‘Joint Venture’ [UPDATED]
iControl Seeks $30M; Total Venture Funding to Exceed $75M
Audio Advice Acquires ZoboTV, Adding Third N.C. Store
More in Mergers and Acquisitions
Article Topics
News · Hybrid Dealers · Mergers and Acquisitions · Mergers And Acquisitions ·About the Author
Tom LeBlanc, Senior Writer/Technology Editor, CE Pro
Tom has been covering consumer electronics for six years. Before that, he wrote for the sports department of the Boston Herald. Migrating to magazines, he was a staff editor for a golf publication and an outdoor sports publication. Now, as senior writer/technology editor of CE Pro magazine since 2003, he dabbles in all departments and offers expertise in marketing. Follow him on Twitter @leblanctom.
Post a comment