Klipsch Sets $9M Target As Shamoon Rallies The Troops
The battle between Sound United and the Premium Audio Company, the owners of Klipsch is heating up with newly minted Klipsch staff being told that they have a target of $9M for this year and that’s without Onkyo or Pioneer receivers.
Information leaked to ChannelNews reveals that former Qualifi Sales Manager Peter Shamoon who defected to the Premium Audio Company after plotting with Phil Hawkins another former Qualifi employee, to take the brand away from his former employer has been shopping the market for staff and is desperately keen to get the brand off the ground under his stewardship.
Both individuals are still facing legal action over their betrayal of their former employer who is now in a stronger position than when Shamoon and Hawkins worked for the Company.
According to Harvey Norman sources who have had the brand exclusively at mass retailers, the target is on the low side especially as he will be competing with his former employer who has sold Qualifi to Sound United, who are set to take Klipsch head on in the Australian market with several brands including, Polk, Bowers & Wilkins, Marantz and Denon as well as several new products due this year.
ChannelNews understands that PAC was banking on getting the Onkyo and Pioneer brands in an effort to compete up against Sound United however the Tokyo Stock Exchange is set to pull the plug on its listing of Onkyo Home Entertainment — once a household name in turntables, stereos and home cinemas — due to it being mired in negative net worth.
We understand that both Voxx International and Sound United were approached to invest in these brands but the $150M in immediate capital was deemed “A not worthwhile investment” according to sources.
Onkyo reported this week that it expects to book $26.8 million in liabilities exceeding assets for the Asian financial year.
That would mark the second consecutive fiscal year of being in this situation, which triggers the delisting process.
In response, the TSE said it has designated Onkyo as a security under supervision, the first step toward being ejected from the bourse.