Former SEC exec forming new CE buying group
MONTREAL (21 March 2011) - A new buying group for consumer electronics and home appliance retailers is being formed by a group of former Samsung Electronics Canada (SEC) and Groupe Dumoulin executives, according to a report published last week by Marketnews.
The Toronto-based publication and web site - which specializes in covering the consumer electronics industry - said the new entity will be called Power Group and will be lead by James Murphy, who resigned recently as chief retail officer at Samsung Electronics Canada.
According to Marketnews, the group is currently targeting Dumoulin/Audiotronic franchisees. Dumoulin Group filed for protection under the Companies' Creditors Arrangement Act in late February and is currently undergoing a restructuring process in an attempt to satisfy the needs of its creditors, including Cantrex.
Reports have suggested the group has already recruited a handful of independent retail members.
Joining Murphy, who will serve as president of the new venture, are Michel Paul and Lucien Poirier who will serve, respectively, as vice president of franchise development and director of franchise operations. Both are former Dumoulin executives.
Robert Gumiela, formerly SEC's director of marketing, is also expected to join the new group as vice president of marketing.
"The time is right for the consumer electronics and home appliance industries to enjoy the benefits of a true retail buying group," Murphy told Marketnews. "With all the recent turmoil in the independent retailer, regional retailer and buying group communities, I'm pleased to bring together a team of industry professionals whose mandate is to create a positive and profitable business opportunity for Power Group members."
"We have many objectives," Murphy was quoted as saying, "notwithstanding the need for growth within the independent and regional dealer channel, but the need to further a renewal of positive vendor relations, creating relationships that are positive and profitable for all concerned."
According to reports, Power Groups will have offices both here and a yet-to-be-determined location in south western Ontario.
When contacted by Home Goods Online, Murphy said he would have no further comment for at least a couple of weeks.