Feeds

CHS names the ditched divisions

Magnificent seven handed back - but some of the names are still under wraps

  • alert
  • submit to reddit

High performance access to file storage

CHS Electronics has revealed the names of subsidiaries offloaded to improve its balance sheet. The US-based distributor told The Register it had handed back the following operations to their original owners: Memory Set and ARC Espana Cartera, both in Spain, and Arena Bilgisayar Sanayi ve Ticaret and Armada Bilgisayar in Turkey. Yesterday CHS announced it was shedding seven of its subsidiaries in Europe to cut outstanding debts and win back the confidence in the market. Richard Kaminsky, director of investor relations and assistant treasurer at CHS, today said the names of the other three subsidiaries could not be disclosed as negotiations were still ongoing. He said that of the three, two were in Latin America and one was in Europe. Kaminsky believed the cost-cutting measures would help put CHS back on track. "There are a number of things that we need to do. This is one step of several that need to be taken," he said. "First, there is the balance sheet matter to address via reducing earn-out liabilities. "The other concerns profitability issues – and the COO and his team are working very diligently in that regard." Kaminsky said the moves were part of the overall restructure announced by CHS in March, which included cutting 10 per cent of its staff and closing 25 warehouses. "Investors, vendors and lenders need to see a stronger balance sheet. This should move us in that direction," he said. ®

High performance access to file storage

More from The Register

next story
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
It may be ILLEGAL to run Heartbleed health checks – IT lawyer
Do the right thing, earn up to 10 years in clink
France bans managers from contacting workers outside business hours
«Email? Mais non ... il est plus tard que six heures du soir!»
Adrian Mole author Sue Townsend dies at 68
RIP Blighty's best-selling author of the 1980s
prev story

Whitepapers

Mainstay ROI - Does application security pay?
In this whitepaper learn how you and your enterprise might benefit from better software security.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.