Gaithersburg, MD–MyerEmco AudioVideo today announced that Harvey Electronics Inc. did not close on the acquisition of the 10-store Washington, DC-based audio/video specialty chain prior to the deadline of August 10, 2007. Therefore MyerEmco elected to terminate the stock purchase agreement.
MyerEmco AudioVideo CEO Jon Myer said that he is ready to move forward, independent of Harvey Electronics. I have enjoyed my interactions with the Harvey team and felt great about the transaction,” he noted. “However, MyerEmco AudioVideo has had great success for 52 years as an independent audio/video specialist, and Gary Yacoubian and our team are energized to move forward as such.”
Yacoubian, MyerEmco president and COO, added that his company has never been in a stronger position to move forward and grow than it is today. “Our unique custom installation/retail hybrid strategy has resonance in the DC market as never before, as the reality of digital convergence in the home manifests itself,” he explained. Our ability to add value via our trained sales force and custom installation infrastructure has real resonance in an environment of declining average selling prices in the flat panel TV realm.
Nearly 50 percent of MyerEmcos business is installed by the company via its Custom Installation Division, a source of great vitality for the Washington, DC institution.