Articles about Systemax

A "sold" sign

Sources: Misco sold to Hilco Capital, care home for the distressed

Exclusive 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 …
Paul Kunert, 26 Mar 2017

A sorry Brexcuse! Systemax blames Brexit for car crash Q3 results

Sickly supplier Systemax has blamed Brexit for its latest car crash financials as losses in the UK mounted in the wake of the EU referendum. The once mighty reseller reported falling year-on-year sales at its European Technology Group (ETG) for Q3 ended September, down 6.3 per cent to $226.5m. Trading output across the region …
Paul Kunert, 1 Nov 2016
The big split

Systemax flogs German sub to CANCOM

The break up of Systemax’s European operations may have just started after it brokered a “definitive agreement” to sell the Misco German subsidiary to CANCOM for an undisclosed sum. Under the terms of the deal, staff and customer lists will be transferred to the new owner. The deal is subject to closing conditions and is …
Paul Kunert, 25 Jul 2016

Systemax bleeds cash, reports $100m net loss for 2015

The cost of exiting its North America reseller biz propelled Systemax’s net losses to nearly $100m in calendar 2015 - but European ops might just be finally showing some signs of recovery. The supplier, in the midst of a turnaround strategy, offloaded the Technology Group reseller biz in December to PCM for $14m but then …
Paul Kunert, 9 Mar 2016
Prison

Former Systemax execs ordered to repay $35m to the biz

Two brothers who held high office at Systemax before being found guilty of perpetrating a multi-million pound swindle have been ordered to repay $35m to the company. Gilbert and Carl Fiorentino were sentenced in March 2015 to five and six years behind bars respectively for masterminding a $27m fraud at the reseller and one- …
Paul Kunert, 2 Mar 2016
depressed_648

Former prez of Misco parent Systemax declared bankrupt

To say 2015 wasn’t exactly a vintage year for former Systemax EMEA president Perminder Singh Dale – AKA Pim Dale – is an understatement. He lost his job in the summer and by Christmas the man was bankrupt. According to the London Gazette, a bankruptcy petition was filed against Dale on 7 October by London Law Funding (LLF) Ltd …
Paul Kunert, 12 Jan 2016

Systemax: Shuttering our North America Tech Group may cost $55m

Systemax has gone public with the cost of dotting the Is and crossing the Ts in the closure of its remaining North America Technology Group (NATG), and it's going to be pricey. Very pricey. The ailing reseller revealed last week that US dealer PCM has offered $14m to pick up certain assets, including the right to hire roughly …
Paul Kunert, 24 Nov 2015

Systemax offloads North America problem child to PCM for $14m

Ailing tech supplier Systemax looks to have dealt with the corporation’s problem child – it is selling “certain assets” of the North American Technology Group (NATG) to PCM for $14m and will shutter the rest. The once mighty reseller has reported steep losses and falling sales this year; it has already closed 31 retail stores …
Paul Kunert, 19 Nov 2015
Broken piggy bank with coins surrounding it. Image via Shutterstock

Profitable business evaporates at Systemax... make that all business growth

The year seems to be going from bad to worse for ailing tech supplier Systemax with losses widening and revenues narrowing. In calendar Q3, the reseller reported sales of $699.3m, down 15.3 per cent from $825.4m in the same period a year ago, the primary cause of this was the North America Tech Products unit. Stateside, the …
Paul Kunert, 4 Nov 2015
management project

Misco hires sales vet Brooker to run UK sub

Systemax Europe president Simon Taylor has made his first senior hire in the shape of tech sales veteran Tony Brooker - a man he charged with rebuilding UK subsidiary Misco. Taylor, formerly EMEA senior veep of operations at Insight Enterprises, took over the business in June and at the top of his to-do list was a message from …
Paul Kunert, 19 Aug 2015

Systemax bleeds $28m while its shares bounce off the floor

With the store closure programme Stateside, the axe falling on EMEA boss Pim Dale, and the industry-wide currency crisis, portents of doom hung over Systemax’s Q2 numbers. And so it has come to pass – the once mighty tech reseller last night reported another quarter of double digit sales declines and widening losses. Turnover …
Paul Kunert, 5 Aug 2015
Pim Dale, Systemax EMEA CEO

Systemax Euro CEO Dale is OUT: Misco man gone by month's end

Systemax EMEA chief exec Pim Dale, the man who once dreamed of fashioning the biggest tech reseller in the region, is out following a run of negative results that were criticised by his bosses. The NYSE-listed outfit, which trades as Misco in Europe, told staff in the UK offices yesterday about his departure, and that outgoing …
Paul Kunert, 18 Jun 2015

US titans roll out the numbers... wow, reselling is a tough game

Calendar Q1 numbers are out for shape-shifting resellers Insight Enterprises and Systemax, with the former reporting flat sales and profits but the latter faring much, much worse. Both are trying to rapidly develop services operations based on consulting, managed services and the cloud to replace commoditised or 'empty calorie …
Paul Kunert, 12 May 2015
Sorry we're closed

Systemax CEO closes 31 retail stores in US as losses widen

Systemax has finally shuttered the majority of its consumer tech stores in North America after once again enduring weak holiday season sales and reporting yet another year of losses. The New York-listed reseller grew consolidated sales 4.4 per cent to $912.9m but it was the B2B side of the house and not retail that contributed …
Paul Kunert, 11 Mar 2015
Man in an orange jumpsuit clutches prison bars. Image by Shutterstock

Ex-Systemax execs Carl & Gilbert Fiorentino jailed over $27m fraud

Shamed former Systemax execs Gilbert and Carl Fiorentino were last night sentenced to five and six years in the slammer respectively for masterminding a $27m fraud when employed at the company. The Feds charged them in November with taking kickbacks from components suppliers in exchange for steering business to them, and with …
Paul Kunert, 4 Mar 2015
Man in an orange jumpsuit clutches prison bars. Image by Shutterstock

Hey, go easy on Gilbert Fiorentino, he’s a changed man – defence lawyer

The lawyer representing disgraced former Systemax exec Gilbert Fiorentino, who is awaiting sentencing for committing fraud while employed there, has cast the man as having had issues with alcohol, but said he'd since become an upstanding citizen who did "charity work". Back in November, the Feds charged Fiorentino and his …
Paul Kunert, 18 Feb 2015

Former Systemax execs charged over $9m fraud, tax evasion

The Feds have now charged ex-Systemax senior exec Gilbert Fiorentino and his brother and former colleague Carl, with allegedly perpetrating fraud to the tune of millions of dollars as well as evading tax. The criminal case was last night confirmed by the US Attorneys’ Office for the southern district of Florida and the eastern …
Paul Kunert, 21 Nov 2014
Funnel of cash. Credit: via SXC – http://www.sxc.hu/profile/Leonardini

Systemax: Senior Blighty bods let us down, so we cut them

Systemax has opened up on the senior management re-org of UK ops after admitting the business took a turn for the worse over the summer. The transatlantic reseller last night reported calendar Q3 financials: turnover was up four per cent year-on-year to $825.4m, but excluding the SCC Netherlands acquisition, organic growth was …
Paul Kunert, 5 Nov 2014

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