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Article: Cerwin-Vega hunts for a buyer. (TWICE News).(company is for sale)(Brief Article)
- Article from:
- TWICE
- Article date:
- September 2, 2002
- Author:
CopyrightCOPYRIGHT 2002 Reed Business Information, Inc. (US). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SIMI VALLEY, CALIF. -- Cerwin-Vega is close to selling the company following a severe cash crunch that forced it to cut its U.S. workforce in half over the past five months, the company said.
The company, family-owned since its founding in 1954 by Gene Czerwinski, didn't say who the new owner might be or what it plans for the brand. Cerwin-Vega sells into the home, car and pro audio markets.
The most recent layoffs occurred in late September, reducing the U.S. employment rolls to about 100. The company has been up for sale since June.
The economy, prolonged softness ...