I miss my (umpteen!) sales calls from Ged at Misco! Guess he jumped ship a while ago - he'd call every week though, but never got that I could buy stuff cheaper elsewhere!
Systemax has offloaded almost all of its Misco-branded European reseller operations to Hilco Capital, a buyer of distressed firms that will add the failing tech supplier to a basket that already contains HMV and Staples, multiple sources have told The Reg. An agreement was reached on Friday that comprises entities trading as …
More asset stripping. It's the modern way.
It's the sensible way. Misco UK accounts show a company with net assets of £25m made of largely of cash or cash-convertible assets but the company has been burning through its balance sheet for several years now, with no obvious sign of recovery. So the current owners gave it a go, it didn't work out, they're hoping to get out before there's nowt left.
Hilco hope that by nailing together the dog-eared Misco business with the equally dog-eared Staples business they'll be able to crop off a few loss making bits and then have something magically profitable that they can resell to some complete mug. This is akin to taking two mongrels, docking their tails, then breeding them and hoping for the offspring to be a pedigree labrador. Then again, it isn't our money on the line - until the taxpayer has to bail out any unpaid employee liabilities, like we did with Comet.
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