Ultimate Acquisition Partners, L.P., which owns and operates 32 Ultimate Electronics home entertainment superstores in nine states, has named Jim Pearse to serve as the company's President. Pearse has held several positions with Ultimate Electronics since 1993, most recently serving as senior vice president of merchandising.
"This promotion recognizes Jim's contribution to Ultimate Electronics' successful turnaround," says Bruce Giesbrecht, CEO of Ultimate Electronics. "Before the acquisition by Wattles Capital Management in April 2005, Ultimate Electronics stores experienced years of deteriorating sales performance and declining EBITDA caused by problems in merchandising, marketing and store operations. Since then, we have fixed the product assortment, rationalized the pricing and promotional strategies, and rebuilt a sales culture in the stores. As a result, same store sales and EBITDA have improved each year since the acquisition. During the most recent quarter ending January 31, 2008, we experienced a 3 percent increase in same store sales, and significant improvement in both gross margin and EBITDA." Giesbrecht added, "I am proud of our results and want to congratulate Jim and thank the entire Ultimate Electronics team for their outstanding performance."
Ultimate Electronics is a leading retailer of home entertainment solutions with 32 superstores in nine states, including Arizona, Colorado, Illinois, Kansas, Minnesota, Missouri, Nevada, New Mexico and Oklahoma. The average Ultimate Electronics store is 32,000 square feet and offers an industry-leading selection of name brand consumer electronics with a 60-day lowest price guarantee.
For more information, visit www.ultimateelectronics.com.
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