Lyndhurst, N.J. – Harvey Electronics has promoted former operations VP Michael Beck to chief operating officer in order to assume a “more visible and important role” in the company’s Chapter 11 restructuring.
Michael Recca, Harvey’s interim CEO and chief restructuring officer, said Beck’s “intimate knowledge of the company and industry borne of his long tenure will be invaluable as we develop and implement our restructuring plan to emerge from Chapter 11 protection.”
He added: “I am certain that the employees of Harvey and our other stakeholders, including vendors and creditors, welcome his promotion to this new and important position.”
The New York metro area A/V specialty chain filed for Chapter 11 bankruptcy protection last week, citing the financial drain of its failed acquisition of fellow PRO Group member MyerEmco and its inability to raise fresh equity capital. Harvey said it will continue to operate its business and manage its property as a debtor-in-possession, and that its current secured lender, YA Global Investments, has agreed to provide the retailer with a $1.5 million debtor-in-possession line of credit.
