Luxury audio company AudioXperts, the brainchild of industry vet Eli Harary, has ceased operations as of Friday, October 11, after a critical investment partner declined to continue its financing of the operation.
The news was first reported by The Strata-gee SYNCH, a publication of The Stratecon Group, the details of which were later confirmed to RS by Harary, who emphasized “the disappointment felt by the entire AudioXperts team.
“We had put together a really extraordinary team of people, and it is too bad we were not able to exercise all of their amazing talents as a result of the shut down,” Harary stated.
After Harary put together the initial agreement with a Taiwanese partner, his contact there retired, and significant management changes followed. Growing pains during the first year of business at AudioXperts necessitated additional investment than was originally agreed upon; however, the partner declined to go beyond its initial investment ceiling, according to Harary.
Harary has turned his attention to ensuring existing customers can rely on necessary product support in the future, including a national U.S. service center with trained technical staff to provide warranty repairs, with similar arrangements in Asia and Europe.
U.S. dealers will have the opportunity to balance out their store stock at “attractive pricing.” Harary then plans to return to his GEM CE consulting practice.