Systemax has sold its North American Technology Group B2B assets to PCM. Around 500 of its employees are transferring to the new owners. 500 other positions will be made redundant and the business has set aside c. US $50 million to exit leases, write off inventory and for severance pay following the sale. The move follows the closure of 31 TigerDirect stores and a distribution centre which resulted in the loss of 1500 jobs.
As part of the deal, PCM gains the B2B customer files for the US market along with vendor contracts, trademarks and IP rights. Systemax had recorded an operating loss of US $68 million for the first 9 months of 2015. However its international business which encompasses operations in the UK, Europe, Middle East and Africa generated a US £12 million profit for the same period and it is understood they are being retained.
Share