EXCLUSIVE: More Executives Quit Powermove, Brands Set To Be Next
Adelaide based distributor Powermove has lost another senior executive the third in the last two months, the Company is also facing the loss of the Toshiba TV business and Philips headphones and soundbars.
Murphy is set to join Brisbane based distributor The Crest Company who are a major supplier to JB Hi Fi, Bunnings, The Good Guys and Harvey Norman.
ChannelNews understands that the Philips headphone and Toshiba TV business is also set to exit Powermove.
Retailers have told ChannelNews that former Powermove executives have been trying to get the SkyworthTV brand a place at retailers in Australia however several retailers have told us that they do not see a future for a TV range branded Skyworth.
Skyworks are currently the manufacturer of Toshiba TV’s. This is the same brand that Hisense acquired the rights to earlier this year.
Back in March 2017, Powermove CEO Crawford Giles was telling ChannelNews that his business was not for sale after he lost the $10M a year Klipsch audio business which is now distributed by Melbourne based Qualifi.
Since then he has lost several brands including Pioneer Audio, Onkyo and the Gibson Brands business.
Now insiders are claiming that the loss of both brands and people will have a “profound” impact on the Adelaide based business with some claiming that the operation is fast becoming “worthless”.
“The only way out is for the Company to secure some high profile brands” said one insider.
ChannelNews has been told that the Philips headphone business will go to The Crest Company and that the soundbar business will go to a Sydney based distributor who has strong relationships with most major CE and appliance retailers.
Back in March 2017 Giles told ChannelNews that Powermove had revenues of approximately $60M.