MyerEmco AudioVideo, the family-owned consumer electronics chain of 55 years, will close its doors within the next 60 days, confirmed CEO Jon Myer.
The Washington, DC-based, 7-store chain is expected to formally announce its closing on Friday, February 12. The stores will be liquidated, however MyerEmco will continue to run a separate home security business, called MyerEmco Security LLC, which sells and installs home alarm systems, and operates from MyerEmco’s headquarters in Gaithersbury, MD.
Myer blamed the store’s demise on the recession noting the company’s sales have been significantly off for 15 months in a row. “We were stuck with a model that had too many stores and the bank pulled the note.”
Myer said he would not rule out a return to the industry. “I may personally make a bid on the name and customer list,” he said, adding, “The main goal is to satisfy our creditors and go out in a classy way.”
There were numerous signs the store was under duress. Four executives left over the past 18 months and the company recently closed its car stereo department as well as one store.
Gary Yacoubian, a 21-year veteran of the retailer departed last summer to join Monster as VP strategic development. Also Dave Glassman, former merchandising VP and Dave Wynne former operations director left the company last year to open a retail store called IQ Home Entertainment. Former sales VP J.R. Stocks also departed over a year ago.
MyerEmco was ranked as one of the top 100 consumer electronics retailers by TWICE magazine, which estimates its sales at $35 million.
Source: CEoutlook
