MyerEmco: A True Hybrid
When Harvey Electronics announced in May it was buying MyerEmco Audio Video, some industry leaders thought the acquisition should have been the other way around, with the profitable company scooping up the struggling one.
Last year was an exceptional one for the Gaithersburg, Md.-based MyerEmco, with $40 million in sales, an 8.11 percent boost over 2005, moving up to 92 from 93 in Dealerscope’s Top 101 CE Retailers listing. Meanwhile, Lyndhurst, N.J.-based Harvey, with operations based around the New York metropolitan area, dropped four slots, from 91 to 95, with just over $35 million in sales, an 11.57 percent drop from 2005.
The latter has nine stores while the former has 10. So why is it Harvey is acquiring MyerEmco and not the other way around?