A perfect storm – a confluence of unfavorable events whose effects ultimately outlasted efforts at a major course correction – led to the decision to shutter the seven-store Washington, D.C.-area regional specialty chain MyerEmco Audio Video. That's according to CEO and president Jon Myer, who spoke with Dealerscope Friday after news broke of the impending closure.
“We’d gone to a 10-store count on the back of the flat-panel boom,” Myer said in reference to an earlier strategy that grew his company to its apex. But that was before the boom ended and the economy turned downward.
MyerEmco had already launched into a long-term downsizing plan three years ago. “My future model was really a three- or four-store model, because I don’t think there’s a strong future for a multi-store specialty retailer. I needed desperately to reduce my store count,” said Myer, who closed two of the three stores within the last year. Of the remaining seven stores, only one property is owned by the company.