MyerEmco Going Out of Business
"Going Out of Business" signs will be posted February 13, 2010, and the liquidation sale will last 60 days, according to a report.
MyerEmco posted this image on its Facebook page.
By Steve Crowe
February 11, 2010
Specialty retailer MyerEmco is going out of business after 55 years, reports NBC Washington.
Gaithersburg, Md.-based MyerEmco sent a letter to employees saying it was out of money and could not secure any more loans, according to the report.
"Our bank is no longer willing to finance the business, and this leaves us without the critical working capital we need to operate," MyerEmco CEO Jon Myer tells NBC Washington.
MyerEmco's Facebook page confirms the closing by saying, "Unfortunately, our greatest sale ever will be our last." The following message from Myer, who could not be immediately reached for comment, also appears on the Facebook page:
"It's sad but true. After 55 years of serving the Washington-area community, MyerEmco Audio Video will be closing its doors forever. As a family-operated business, we've outlasted many high-profile competitors - but we couldn't outlast this Great Recession. Our loss, however, is your gain. With products in every department at up to 50% off, the time to come is now. Markdowns will continue to increase as the days go by and inventory diminishes. Don't miss out! As long as we're here, you can count on the superior service and expertise that has made MyerEmco a landmark establishment in and around the nation's capital.
On behalf of the entire MyerEmco family, we thank you for your friendship and patronage through the years."
According to the report, "Going Out of Business" signs will be posted Saturday, February 13, 2010, and the liquidation sale will last 60 days.
For the last 18 months, according to NBC Washington, MyerEmco has experienced layoffs and cost cuts. Myer told NBC Washington that he and his father, Ed, who founded the company as a radio repair shop in 1955, invested their own money, including Jon's house, to try to keep the company afloat.
MyerEmco's Web site currently is down, saying "Stay tuned, our new site will launch tomorrow."
MyerEmco was close to being acquired by Harvey Electronics in 2007. The deal was called off due to Harvey's failure to close by the deadline, according to MyerEmco.
"MyerEmco has never been in a stronger position to move forward and grow than it is today," said then-president and COO Gary Yacoubian after MyerEmco walked away from the deal. Yacoubian left MyerEmco in July 2009 after 21 years with the company.
MyerEmco is a seven-store chain that was ranked No. 8 on the 2009 CE Pro 100 with $14,000,000 in 2008 custom revenues.
The above image appears on MyerEmco's Facebook page
Return to full story:
http://www.cepro.com/article/report_myeremco_going_out_of_business/
"Going Out of Business" signs will be posted February 13, 2010, and the liquidation sale will last 60 days, according to a report.
MyerEmco posted this image on its Facebook page.
February 11, 2010
Specialty retailer MyerEmco is going out of business after 55 years, reports NBC Washington.
Gaithersburg, Md.-based MyerEmco sent a letter to employees saying it was out of money and could not secure any more loans, according to the report.
"Our bank is no longer willing to finance the business, and this leaves us without the critical working capital we need to operate," MyerEmco CEO Jon Myer tells NBC Washington.
MyerEmco's Facebook page confirms the closing by saying, "Unfortunately, our greatest sale ever will be our last." The following message from Myer, who could not be immediately reached for comment, also appears on the Facebook page:
According to the report, "Going Out of Business" signs will be posted Saturday, February 13, 2010, and the liquidation sale will last 60 days.
For the last 18 months, according to NBC Washington, MyerEmco has experienced layoffs and cost cuts. Myer told NBC Washington that he and his father, Ed, who founded the company as a radio repair shop in 1955, invested their own money, including Jon's house, to try to keep the company afloat.
MyerEmco's Web site currently is down, saying "Stay tuned, our new site will launch tomorrow."
MyerEmco was close to being acquired by Harvey Electronics in 2007. The deal was called off due to Harvey's failure to close by the deadline, according to MyerEmco.
"MyerEmco has never been in a stronger position to move forward and grow than it is today," said then-president and COO Gary Yacoubian after MyerEmco walked away from the deal. Yacoubian left MyerEmco in July 2009 after 21 years with the company.
MyerEmco is a seven-store chain that was ranked No. 8 on the 2009 CE Pro 100 with $14,000,000 in 2008 custom revenues.
The above image appears on MyerEmco's Facebook page
Gaithersburg, Md.-based MyerEmco sent a letter to employees saying it was out of money and could not secure any more loans, according to the report.
"Our bank is no longer willing to finance the business, and this leaves us without the critical working capital we need to operate," MyerEmco CEO Jon Myer tells NBC Washington.
MyerEmco's Facebook page confirms the closing by saying, "Unfortunately, our greatest sale ever will be our last." The following message from Myer, who could not be immediately reached for comment, also appears on the Facebook page:
"It's sad but true. After 55 years of serving the Washington-area community, MyerEmco Audio Video will be closing its doors forever. As a family-operated business, we've outlasted many high-profile competitors - but we couldn't outlast this Great Recession. Our loss, however, is your gain. With products in every department at up to 50% off, the time to come is now. Markdowns will continue to increase as the days go by and inventory diminishes. Don't miss out! As long as we're here, you can count on the superior service and expertise that has made MyerEmco a landmark establishment in and around the nation's capital.
On behalf of the entire MyerEmco family, we thank you for your friendship and patronage through the years."
According to the report, "Going Out of Business" signs will be posted Saturday, February 13, 2010, and the liquidation sale will last 60 days.
For the last 18 months, according to NBC Washington, MyerEmco has experienced layoffs and cost cuts. Myer told NBC Washington that he and his father, Ed, who founded the company as a radio repair shop in 1955, invested their own money, including Jon's house, to try to keep the company afloat.
MyerEmco's Web site currently is down, saying "Stay tuned, our new site will launch tomorrow."
MyerEmco was close to being acquired by Harvey Electronics in 2007. The deal was called off due to Harvey's failure to close by the deadline, according to MyerEmco.
"MyerEmco has never been in a stronger position to move forward and grow than it is today," said then-president and COO Gary Yacoubian after MyerEmco walked away from the deal. Yacoubian left MyerEmco in July 2009 after 21 years with the company.
MyerEmco is a seven-store chain that was ranked No. 8 on the 2009 CE Pro 100 with $14,000,000 in 2008 custom revenues.
The above image appears on MyerEmco's Facebook page
Return to full story:
http://www.cepro.com/article/report_myeremco_going_out_of_business/