Sun TV tries again; Gregg walks; chain looks inward. (Sun Television & Appliances fails to acquire Gregg Appliances)
HFN: The Weekly Newspaper for the Home Furnishing Network, December, 1996 by Beatty, Gerry
COLUMBUS, Ohio -- Rebuffed by Gregg Appliances' decision to call off an acquisition agreement, Sun Television & Appliances says it has a Plan B.
The chain, beset by growing losses and publicly rejected by its initial suitor, plans to invest more in profitable categories, control costs and adapt to the new reality of intensified competition.
It's a tough sell to the many skeptics who see Sun's losses mounting by the quarter, but Jim Copitzky is optimistic.
"The organization is still focused," said the 50-store chain's president and chief executive. "We feel that the strategy we developed and set up earlier in the year remains very viable."
On Dec. 11 Gregg said it agreed to acquire Sun for $5 a share, or about $87 million. The Indianapolis...
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