hjames
05-09-2007, 01:14 PM
Just thought after the info on the Harman Kardon sale this might be relevant. I remember MyerEmco as a high end family chain around the DC area - apparently they were older than I remembered!
N.J. Electronics Firm To Acquire MyerEmco
By Alan Sipress (http://projects.washingtonpost.com/staff/email/alan+sipress/)
Washington Post Staff Writer
Wednesday, May 9, 2007; Page D01
MyerEmco, a Washington area seller and custom installer of audio systems that began 52 years ago as a ham radio repair shop in Silver Spring (http://www.washingtonpost.com/wp-srv/related-topics.html?tid=informline&subject=Silver+Spring), announced yesterday that it was being bought by Harvey Electronics (http://financial.washingtonpost.com/custom/wpost/html-qcn.asp?dispnav=business&mwpage=qcn&symb=HRVE&nav=el).
The companies did not disclose the price or timing of the sale, saying it was still subject to financing and other contingencies.
The acquisition of family-owned MyerEmco, which operates 10 stores in Virginia (http://www.washingtonpost.com/wp-srv/related-topics.html?tid=informline&subject=Virginia), Maryland (http://www.washingtonpost.com/wp-srv/related-topics.html?tid=informline&subject=Maryland) and the District, would end local ownership of one of the region's high-end electronics retailers. The companies did not detail what future role might be played by MyerEmco's chief executive, Jon Myer, son of founder Ed Myer. Gary Yacoubian, MyerEmco's president and chief operating officer, would retain those posts at the new company. Yacoubian and Martin McClanan, interim chief executive at Harvey Electronics in Lyndhurst (http://www.washingtonpost.com/wp-srv/related-topics.html?tid=informline&subject=Lyndhurst), N.J. (http://www.washingtonpost.com/wp-srv/related-topics.html?tid=informline&subject=New+Jersey), said in an interview that the deal would be a marriage of two companies with similar market positions and histories. Yacoubian added that stores would continue to operate under the name MyerEmco Audio Video.
"Unless you know the acquisition had occurred, you're not going to notice it by going into the store now or for the foreseeable future," Yacoubian said.
Ed Myer, a "high-fidelity" hobbyist, opened his business in an old house in Silver Spring, repairing radios and soon began selling audio equipment. His enterprise, Myer's Stereo, struggled to make a profit because equipment manufacturers were initially unwilling to authorize him to market their products, according to the company's history. Myer instead bought speakers, tuners and related equipment from other dealers and resold them.
Myer eventually won permission to market the products of major manufacturers. He changed the name of the business to MyerEmco -- Emco is short for Ed Myer Co. -- and moved to the District. The company is now based in Gaithersburg (http://www.washingtonpost.com/wp-srv/related-topics.html?tid=informline&subject=Gaithersburg) and employs about 150 people.
The deal announced yesterday would more than double the size of Harvey Electronics, which operates nine stores.
The acquisition comes as Harvey Electronics is trying to revive its finances.
"This is certainly part of the evolution by the company to return the company to growth and profitability," McClanan said.
Harvey Electronics reported a first-quarter loss of $1 million, compared with a profit of $45,000 a year ago. Revenue fell 26 percent, to $8.4 million. The company blamed the poor performance on falling prices for consumer electronics, especially flat-panel televisions, caused by fierce competition. MyerEmco declined to discuss its financial situation.
Shares in Harvey Electronics, which trades on the Nasdaq Stock Market, closed yesterday at $2.06, up 40 cents, or 24 percent.
N.J. Electronics Firm To Acquire MyerEmco
By Alan Sipress (http://projects.washingtonpost.com/staff/email/alan+sipress/)
Washington Post Staff Writer
Wednesday, May 9, 2007; Page D01
MyerEmco, a Washington area seller and custom installer of audio systems that began 52 years ago as a ham radio repair shop in Silver Spring (http://www.washingtonpost.com/wp-srv/related-topics.html?tid=informline&subject=Silver+Spring), announced yesterday that it was being bought by Harvey Electronics (http://financial.washingtonpost.com/custom/wpost/html-qcn.asp?dispnav=business&mwpage=qcn&symb=HRVE&nav=el).
The companies did not disclose the price or timing of the sale, saying it was still subject to financing and other contingencies.
The acquisition of family-owned MyerEmco, which operates 10 stores in Virginia (http://www.washingtonpost.com/wp-srv/related-topics.html?tid=informline&subject=Virginia), Maryland (http://www.washingtonpost.com/wp-srv/related-topics.html?tid=informline&subject=Maryland) and the District, would end local ownership of one of the region's high-end electronics retailers. The companies did not detail what future role might be played by MyerEmco's chief executive, Jon Myer, son of founder Ed Myer. Gary Yacoubian, MyerEmco's president and chief operating officer, would retain those posts at the new company. Yacoubian and Martin McClanan, interim chief executive at Harvey Electronics in Lyndhurst (http://www.washingtonpost.com/wp-srv/related-topics.html?tid=informline&subject=Lyndhurst), N.J. (http://www.washingtonpost.com/wp-srv/related-topics.html?tid=informline&subject=New+Jersey), said in an interview that the deal would be a marriage of two companies with similar market positions and histories. Yacoubian added that stores would continue to operate under the name MyerEmco Audio Video.
"Unless you know the acquisition had occurred, you're not going to notice it by going into the store now or for the foreseeable future," Yacoubian said.
Ed Myer, a "high-fidelity" hobbyist, opened his business in an old house in Silver Spring, repairing radios and soon began selling audio equipment. His enterprise, Myer's Stereo, struggled to make a profit because equipment manufacturers were initially unwilling to authorize him to market their products, according to the company's history. Myer instead bought speakers, tuners and related equipment from other dealers and resold them.
Myer eventually won permission to market the products of major manufacturers. He changed the name of the business to MyerEmco -- Emco is short for Ed Myer Co. -- and moved to the District. The company is now based in Gaithersburg (http://www.washingtonpost.com/wp-srv/related-topics.html?tid=informline&subject=Gaithersburg) and employs about 150 people.
The deal announced yesterday would more than double the size of Harvey Electronics, which operates nine stores.
The acquisition comes as Harvey Electronics is trying to revive its finances.
"This is certainly part of the evolution by the company to return the company to growth and profitability," McClanan said.
Harvey Electronics reported a first-quarter loss of $1 million, compared with a profit of $45,000 a year ago. Revenue fell 26 percent, to $8.4 million. The company blamed the poor performance on falling prices for consumer electronics, especially flat-panel televisions, caused by fierce competition. MyerEmco declined to discuss its financial situation.
Shares in Harvey Electronics, which trades on the Nasdaq Stock Market, closed yesterday at $2.06, up 40 cents, or 24 percent.