Articles about Systemax

no_turnaround

Blink and you'll miss the turnaround at Systemax

If a turnaround is happening at Systemax’s European reseller ops (Misco) then someone forgot to give the accountants the right numbers. The Technology Products Group reported sales of $238.2m, down 5.6 per cent year-on-year for calendar Q2, while operating losses widened from $0.8m to $2.2m. CEO Larry Reinhold said the …
Paul Kunert, 03 Aug 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
Pennies in a jar. Photo via Shutterstock

Long term sick-note abuser Misco not losing nearly as much money

A pinkish hue has yet to return to the cheeks of sickly European reseller Misco but its latest financials indicate the patient is finally out of intensive care - the same cannot be said of its parent. Most of Misco’s vital statistics improved in calendar Q1, all but sales which slipped 5.3 per cent to $258.2m - or were down a …
Paul Kunert, 04 May 2016

Web wobbles at Misco: Might be back up today, or tomorrow

Not wanting to be totally outdone by the recent outage at arch rival Insight Enterprises, online reselling rival Systemax Europe - trading as Misco - has battled its own web demons for the best part of this morning. The company’s site first fell over at least two hours ago with its Twitter feed acknowledging the worldwide …
Paul Kunert, 13 Apr 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, 09 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, 02 Mar 2016
recruitment_hired

Misco locks-in, loads-up sales director Remmington

Misco has hired former Insight and Invicta IT exec Gary Remmington as UK sales director, El Chan can reveal. The man recently left Slough-based reseller Invicta IT along with senior account handlers Wade van Essen - who is also joining the Misco sales floor - and Ben Cook. Tony Brooker, UK boss at Misco, confirmed Remmington …
Paul Kunert, 05 Feb 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, 04 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, 05 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, 04 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
Boring Christmas

Happy Holidays! Misco axes ONE IN FIVE UK sales peeps: sources

Shape shifting Misco spread the cheer among its workforce in the run-up to Christmas by distributing P45s, with sources estimating that up to 20 per cent of UK sales heads rolled. The parent of the web tech bazaar, Systemax, which is trying to deal more with mid-market corporate enterprises and sell services, is cutting costs …
Paul Kunert, 09 Jan 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, 05 Nov 2014

Sing it, Systemax: 10 straight quarters plunging in a row, 10 straight quar....

Shape-shifting mega reseller Systemax has finally broken its run of top line wobbles after 10 consecutive quarters but the US titan still couldn't turn a churn out a profit in its calendar Q2. The New York Stock Exchange-listed dealer last night reported low single-digit sales growth of $831.1m, representing a rise of 1.4 per …
Paul Kunert, 30 Jul 2014
management strategy2

Logicalis grabs former Insight EMEA sales chief Brooker

International managed services bigwig Logicalis has hired former Insight exec Tony Brooker to run its sales and marketing teams in the UK and Ireland, El Chan can reveal. The industry vet starts early next month (4 August) and will manage a team of 120 staff, the majority of whom are in field sales, but he will be expected to …
Paul Kunert, 07 Jul 2014

Channel's großen Käse roll eyes at vendors' performance under the spread sheets

Bulky channel outfits in EMEA are bringing home the bacon, according to peeps at Canalys. Aggregated figures from eight publicly quoted suppliers in the region revealed an average year-on-year sales growth of eleven per cent in the first quarter of 2014 – more than double that of tech titans collective including HP and Apple. …
Paul Kunert, 03 Jun 2014

SCC: Blighty biz cracked open wallets in 2014, and not JUST for Windows XPocalypse

Customers fleeing end-of-support Windows XP doom coupled with boosts in data centre hosting and managed services wins fuelled top and bottom line goodness at reseller titan SCC in the recently closed fiscal '14. The Birmingham-HQ'd channel giant pushed up turnover for the year ended 31 March by 9.5 per cent to £1.74bn as …
Paul Kunert, 12 May 2014

Systemax goes Dutch, devours SCC Netherlands

Shape-shifting box shuffler Systemax has swallowed SCC's "sub-scale" Dutch division for an undisclosed sum. New York-listed Systemax last night confirmed the bid to the stock exchange, the most significant buy it has made in Europe - where it trades as Misco - since the acquisition of WStore some years back. "The European IT …
Paul Kunert, 02 May 2014

Systemax CEO: Can't get consumer biz out of the crapper

It is a new calendar and financial year for shape-shifting box-shuffler Systemax but the same problem remains: it is hamstrung by a "weak" consumer division that is a burden on the relatively fit B2B operation. The New York-listed reseller last night reported Q1 results ended March with sales declining one per cent to $873.4m, …
Paul Kunert, 30 Apr 2014
Funnel of cash. Credit: via SXC – http://www.sxc.hu/profile/Leonardini

Shape-shifting box shifter Systemax made cash... from non-IT kit

A write-off of deferred tax assets helped to widen losses at ailing Systemax during Q4 as the tanking consumer biz in North America more than offset sales growth in the Industrial Products division. It was an eventful end to another eventful year for the shrinking reseller, with turnover in the final three months of 2013 down 7. …
Paul Kunert, 05 Mar 2014
management regulation1

Systemax director Carl Fiorentino bribery trial moves to Florida

The trial of former Systemax director Carl Fiorentino has been moved from New York to Florida, where he was based when the alleged bribery offences are claimed to have occurred. Fiorentino, a one-time president of subsidiary Tiger Direct, stands accused of pocketing more than $7m in kickbacks from component suppliers in Taiwan …
Paul Kunert, 14 Jan 2014

Systemax's Euro tentacle set to buy ailing schools supplier RM

Exclusive The word sweeping through the technology channel is that big changes are afoot at education supplier RM with the parent of reseller Misco understood to be acquiring the software and services business. Sources claimed that talks between the LSE-listed RM and NYSE-listed firm Systemax, which trades in Europe as Misco and Inmac …
Paul Kunert, 29 Nov 2013
gavel_judgment_channel

Former Systemax exec faces second probe by Feds

Former Systemax exec Carl Fiorentino, the man currently contesting charges of fraud related to his work at his former company, is the subject of a second federal probe, according to a recent US court filing. This second probe was mentioned by his legal team at Pinera-Vazquez Law Firm in its petition to move the venue of the …
Paul Kunert, 31 Oct 2013

Bloated tech reseller Systemax may be turning around, but it's still going the wrong way

Things were supposed to be on the up for the Leeds brothers in charge of troubled reseller Systemax: by this point in calendar '13 profits should have returned as the restructuring plan takes hold ahead of the glide into Christmas. But that is happening elsewhere in an alternative reality - in this time dimension Systemax …
Paul Kunert, 30 Oct 2013

Reseller giant Misco puts UK workers at risk of redundancy – sources

Reselling monster Misco has put staff working in its customer services, accounts and buyers departments at risk of redundancy, according to sources close to the company. The European business, owned by NYSE-listed Systemax. is plotting to become the largest services-based reseller in the region inside four years by targeting …
Paul Kunert, 08 Oct 2013

Systemax turnaround plan off the rails as losses widen

It could be a case of returning to the drawing board for the Systemax execs who drafted the 2013 turnaround blueprint: the company's Q2 financial results are steeped in red ink amid sliding sales. The misfiring dealer drew up an operational review last year that it put in place during the autumn. Yet the benefits didn't show up …
Paul Kunert, 07 Aug 2013

Samsung snaps up Cisco enterprise director for B2B push

Samsung has rustled Cisco's herd and made off with veteran UK enterprise sales director Tim Skinner, who will head up its continued push into commercial sectors. Skinner spent 14 years in the sales engine room at Cisco but this week started at Samsung as director of its B2B operation, reporting directly to Graham Long. Long, …
Paul Kunert, 01 Aug 2013
gavel_judgment_channel

Former Systemax bigwig Carl Fiorentino to fight bribery allegations

Former Systemax director Carl Fiorentino has pleaded not guilty to federal charges that he pocketed millions of dollars in backhanders in return for directing trade towards specific PC component makers. Fiorentino appeared in the Eastern District Court of New York on Monday to face allegations made last month that he made more …
Paul Kunert, 10 Jul 2013

Ex-Systemax veep cuffed, charged with $230m fraud

Carl Fiorentino, a former president at reseller Systemax, has been charged with accepting bribes worth millions of dollars in return for directing $230m worth of business to certain components suppliers. He was arrested yesterday and released on a $1m personal surety bond. If the name sounds familiar, that's because it is: his …
Paul Kunert, 19 Jun 2013

Reseller giant Systemax bleeds red ink in Q1 of 'turnaround year'

Misfiring reseller big gun Systemax has seen poor results in the first quarter of calendar 2013 - which is supposed to be its turnaround year. In its efforts to recover, the business has slashed European jobs, shuttered US PC factories and axed retail brands. The ailing firm, branded as Misco in Europe, saw sales decline 3.6 per …
Paul Kunert, 01 May 2013

Misco does well but parent globocorp suffers full year losses

Giant reseller Systemax, better known in the UK as the parent of Misco, continues to review the operations after swinging to losses caused by the collapsing US consumer market and charges incurred by major restructuring on both sides of the pond. It was a particularly nasty outing for the mighty firm in calendar Q4 - group sales …
Paul Kunert, 06 Mar 2013
channel_teaser_exit

Sprosty leaps from Systemax TPG hot seat after 18 months

Systemax has confirmed that David Sprosty, CEO of its Technology Products Group, has left after less than 18 months in the hot seat. Sprosty was made CEO at the unit in October 2011 replacing disgraced former exec Gilbert Fiorentino, who the SEC latterly barred from ever serving again as a corporate officer or director in a …
Paul Kunert, 15 Feb 2013
Misco

Former HP direct sales bloke Logan jumps ship to Misco

Headhunters are out in the channel recruiting bods into Misco's fledgling enterprise team - and ex-HP bigwig Richard Logan is the first to join. The Systemax-owned reseller has grand plans to knock its largest EMEA rivals off their perch within five years, and is restructuring to achieve this. Logan, previously sales director …
Paul Kunert, 29 Nov 2012
axe_channel_teaser

Euro jobs cut threat hit us like a train, say Systemax workers

Systemax staff are shellshocked in the wake of the revelation that jobs in Europe - the region leading growth across the company - are to be cut. The reseller is consolidating back-office functions into a shared services centre in Eastern Europe as well as shuttering two retail brands and closing down PC production lines …
Paul Kunert, 05 Nov 2012

Red-soaked Systemax kills Euro jobs and US PC factory

US giant Systemax is shuttering its PC factory and axing the CompUSA and Circuit City brands. The reseller, which also runs Misco.co.uk, signalled it will cut its workforce in Europe after ploughing into the red in Q3 2012. The New York-listed biz delayed reporting its latest financial results on Monday as Hurricane Sandy …
Paul Kunert, 02 Nov 2012
gavel_judgment_channel

SEC bars ex-Systemax veep from director role in fraud deal

The SEC has barred former Systemax veep Gilbert Fiorentino from being a director of a PLC again after finding he "fraudulently" pocketed hundreds of thousands of dollars in compensation over five years. The disgraced exec, who had been CEO of the reseller's Technology Products Group, was put on administrative leave in April 2011 …
Paul Kunert, 18 Sep 2012
Computer 2000

Computer 2000 hands Hayward keys to marketing kingdom

Computer 2000 has lured Stewart Hayward, former head of UK marketing at rival Ingram Micro's as GM for its marketing function. Hayward left Ingram late last month after nearly two years at Milton Keynes-based Ingram but picks up the reins today at Basingstoke-based C2000, the UK arm of Tech Data. Andy Dow, who remains as …
Paul Kunert, 03 Sep 2012

Systemax files $2.2m losses as US shoppers stay home

Systemax was hit by Q2 losses as continued strong trading in its business-to-business operation in Europe was more than offset by US shoppers' reluctance to part with cash, the reseller giant confirmed late last night. Operating losses for the period ended 30 June were $2.2m compared to a profit of $15.6m a year earlier, " …
Paul Kunert, 01 Aug 2012
Pim Dale, Systemax EMEA CEO

Systemax CEO: We want to be Number One in five years

Systemax EMEA CEO Pim Dale is plotting an expansion strategy to become the largest reseller in the region within five years. Industry vet Dale, former EMEA veep and GM at one-time direct selling purist Dell crossed into the channel for the first time in January when he pitched up at Systemax. He reckons its the "age of the …
Paul Kunert, 03 Jul 2012
warehouse interior - wide aisle, big shelves

Systemax profits tumble as US punters keep wallets closed

Systemax CEO Richard Leeds said he's disappointed by calendar Q1 numbers as profits fell by almost 50 per cent due to flagging US consumer electronics sales. The group - which operates the Misco and WStore brands in Europe, and Tiger Direct, Circuit City and CompUSA stateside - saw turnover slide one per cent year-on-year to $ …
Paul Kunert, 02 May 2012
channel

Systemax suffers sales shrinkage in Q4

Systemax's sales growth engine ran out of steam in calendar Q4 with a resurgent B2B division unable to offset double digit declines in consumer operations. The US parent of the WStore and Misco reseller brands filed numbers late last night with revenues dipping 3 per cent to $978m (£613.6m), but operating profit edged up 3.7 per …
Paul Kunert, 29 Feb 2012
hands waving dollar bills in the air

Systemax blows £250k on ex-CEO legal probe bills

Rising biz sales fuelled Systemax's third quarter even though the consumer spending freeze showed no signs of thawing. The parent of the Tiger Direct, CompUSA, Misco and WStore recorded a 4 per cent rise in turnover for the period ended 30 September, raking in $901m (£562.5m). The firm's operating income climbed 58 per cent to $ …
Paul Kunert, 02 Nov 2011