Further to Samsung's announcement yesterday about their first OLED set being released later this year Pansonic and Sony have announced they are set to join forces in order to produce their range of OLED screens. This comes in the wake of both companies huge losses (£3.6bn for Sony and £6bn for Panasonic). This is a move designed to enable both Japanese companies to play catch up on the Korean companies Samsung and LG who currently lead the market.
Hi-fi and home cinema retail specialist Audio T is to regain its independence after calling off the merger with Sevenoaks Sound & Vision.
Audio T will now resume trading under its own name and all Audio T stores previously re-branded as Sevenoaks branches will revert to their original name. Audio T has 20 stores in total.
Audio T co-owner Jerry Lewin told whathifi.com: "We are sorry to have to inform you that Audio T has decided, jointly with Sevenoaks Sound & Vision, that the merger of the wto businesses announced in July 2010 will no longer take place."
"Carrying on with the merger turned out to be difficult in the current economic climate, especially since the Euro crisis knocked the stuffing out of the market. I want to assure all our customers that Audio T is very much back in business and plans to reconnect with our enthusiast audience and move further upmarket."
The company says its main aim now is to provide its customers with "an enhanced range of the two-channel products that Audio T has been famed for over the last 46 years. We will also not be forgetting those that want high quality home cinema, nor the exciting new market of streaming audio".
Work is underway to move the Manchester store to new, larger premises next door to the existing outlet. However, as previously reported, this year's Manchester Home Entertainment Show has been cancelled.
"Moving forward, both Audio T and Sevenoaks will work together to ensure continuity of service for any customers that have purchased goods from either style of outlet," adds Lewin.
(Pixll- Home Cinema Leeds)
Shock Announcement of The Day-Sevenoaks and Audio T and the cancelled Manchester Show, source What Hi FI
Picked up the article below from What Hi Fi this morning. As a former Sevenoaks Manchester owner I was particularly surprised to read the merger isn't going ahead. There will be a lot of speculation about the why's and wherefores, Pixll wont be speculating on that we just dont want to see more uncertainty created within the industry.
Pixll was more dissapointed to learn that this years Manchester Home Entertainment Show will now not go ahead. At a time when a lot of business is coming from the South this wont help the AV industry in the North. Pixll usually has a presence at the Manchester Show and tries to bring you the latest videos from the show. Hopefully the show will get picked up or something else will replace it. The South has the Bristol show, we need something up here! Lets wait and see.
What Hi FI:
"The Surprise news of the day is that Sevenoaks Sound & Vision and Audio T have called off their merger.
The two retail chains had agreed to merge in 2010 to create the UK's largest network of independent specialist hi-fi and AV retailers.
The two companies had already completed the second phase of the merger in which 15 former Audio T stores were re-branded under the Sevenoaks Sound & Vision name. These will revert to the Audio T name by the end of this month.
Some former Audio T branches have already been closed down as part of the restructuring process during the merger.
We also understand that this year's Manchester Home Entertainment Show, run in conjunction with Audio T, has been cancelled too.
Rob Lawley, director of operations at Sevenoaks, issued this statement to whathifi.com this afternoon:
"I'm sorry to have to tell you that SS&V has decided, jointly with Audio T, that a merger of our businesses will not be possible in the medium term. Consequently, we will sever our existing joint arrangements.
"Sevenoaks' branded Audio T stores will return to life as Audio T by the end of this month, while for the original Sevenoaks stores it will be business as usual.
"Moving forward both Sevenoaks and Audio T will work together to ensure continuity of service for any customers that could have purchased from either style of outlet.
"As one door closes, others open. We have just completed a move in to our new head office and warehouse facility in Kent, and will focus all our efforts on our expansion plans. In fact we expect to be making further announcements, very soon, with details of new SS&V stores in areas where we currently have no coverage.
"In summary, I'm glad to say that we have come to an amicable decision with Audio T and of course wish all the team there success with their own operation. Our goal now is to develop our successful model further and continue to offer real value and choice to our customers nationally."
We have contacted Audio T and asked them for a statement too"