Distributors Extend Holiday Hours
SCOTTSDALE, ARIZ. —
At least two CE distributors, DBL and Petra Industries, have announced extended hours for the holiday sales period. DBL, Ingram Micro’s consumer electronics division (IMCE), said its sales associates and vendor management teams will be available on Black Friday, Nov. 26, and the first three Saturdays in December (Dec. 4, Dec. 11 and Dec. 18) from 9:00 a.m. to 1:00 p.m. MST.
Petra, the national CE and appliance distributor, said its sales team will be on hand every Saturday from Nov. 27, the day after Black Friday, through Saturday, Dec. 18. “We want to do everything we can to support our dealers during the busiest time of year,” said Tate Morgan, Petra’s executive VP. “Our extended holiday hours are just one more convenience we can provide when our customers need it most.” Added Brent McCarty, VP/GM for IMCE: “We are committed to serving our dealers during the demanding holiday season. We care about our customers and will do what it takes to keep their shelves stocked.”
Conn’s Raising Cash Through Stock Sale
BEAUMONT, TEXAS —
Conn’s is moving forward with a previously announced common stock rights offering in an effort to pay down debt. The CE, appliance and furniture chain has distributed one transferable subscription right for each share of common stock owned, giving shareholders the right to purchase additional shares of Conn’s common stock at a subscription price of $2.70 per share.
Conn’s said it plans to use the proceeds to help repay outstanding balances under its existing asset-backed loans. Last month the company reported a 15.3 percent drop in net sales to $136.7 million for its fiscal third quarter, ended Oct. 31, and a 16.4 percent decline in same-store sales, attributable to economic conditions, limited capital, tighter credit requirements, and efforts at improving gross margin while maintaining price competitiveness.
Quincy Jones Visits J&R Music World
NEW YORK —
Music industry great Quincy Jones paid a visit to J&R Music & Computer World last week to autograph copies of his new CD “Q:Soul Bossa Nostra” and his new book, “The Quincy Jones Legacy Series: Q on Producing.” The signing session by the famed producer, arranger and composer follows an appearance in September by singer John Legend, and will be followed by in-store performances over the next two weeks by El DeBarge and Indigo Girls.
Meridian Bestows First Achievement Awards
NEW YORK —
Meridian America, the premium A/V supplier, announced four recipients of its first Recognition of the Achievement Awards, intended to honor salespeople at the dealer level. The inaugural winners are Eric Ward, a 10- year veteran of Definitive Audio; Dave Shore of Natural Sound; David Rogers of Dallas Sight and Sound; and Israel “Izzy” Verchik of Stereo Exchange, who has been selling the Meridian line for more than 20 years.