Evine Live Discloses Severance Packages For Terminated Executives

Evine Live revealed the details of its severance agreements with several key executives who were terminated in a filing with federal regulators Wednesday.

Here is what the No. 3 home shopping network said in its 10-Q:

On March 26, 2015, the Company announced the termination and departure of three executive officers, namely its Chief Financial Officer, its Senior Vice President and General Counsel and President. In addition, during the first quarter of fiscal 2015, the Company also announced the hiring of a new Chief Financial Officer and a new Chief Merchandising Officer.

In conjunction with these executive changes as well as other management terminations made during the first quarter of fiscal 2015, the Company recorded charges to income for the three months ended May 2, 2015, of $2,590,000, which relates primarily to severance payments to be made as a result of the executive officer terminations and other direct costs associated with the Company’s 2015 executive and management transition.

http://hsprod.investis.com/site/irwizard/vvtv/ir.jsp?page=sec_item_new&ipage=10300629&DSEQ=&SEQ=&SQDESC=

That’s a lot of greenbacks. But let’s break it down.

According to the filing, George Ayd, who we believe is known as Bob Ayd, was terminated as president effective on March 26. His package was a lump sum payment of $746,267, with an additional severance consideration of $256,968.

There is also a 12-month non-compete clause in his exit deal.

As for ex-CFO William McGrath, his severance was $576,800, with an additional $175,936 on top of that. He also gets reimbursed for rent expenses in Minnesota for two months, in a total amount not to exceed $3,010.

Management Bloodbath Hits Evine Live

Evine Live had a bloody week. Formerly known as ShopHQ, the home shopping network has done some spring cleaning, sweeping out many members of the former management team — including the president.

http://finance.yahoo.com/news/evine-live-inc-announces-executive-205500666.html;_ylt=A0LEV790zhZVLxsAiJ4nnIlQ

First, the network appointed Tim Peterman its executive vice president and chief financial officer, replacing Bill McGrath.

Peterman’s resume includes stints at Synacor, E.W. Scripps Co., IAC and Tribune Co. He will report to Mark Bozek, CEO of Evine Live Inc.

Bob Ayd

“Tim’s extensive experience in finance, retail and media makes him the ideal executive to drive Evine Live’s performance going forward,” Evine Live Chairman Bob Rosenblatt said in a canned statement. “We are confident that his proven ability to execute will be a tremendous asset as we continue to drive efficiencies and gain momentum with our strategy.”

But here is the blockbuster buried in the press release: “The company continues to transition its approach in all areas of the business, Evine Live is consolidating leadership and announced it is eliminating President Bob Ayd’s position.”

Wow!

Another casualty was Teresa Dery, senior vice president and general counsel. Her interim replacement is Chief Strategy Officer Russell Nuce.

And here is Bozek’s “don’t-let-the-door-slap-you-in-the-ass” quote:

“We appreciate the contributions Bob, Bill and Teresa have made to the company and wish them all the best in their future endeavors,” he said. “We believe that our new leadership structure will allow us to be more nimble in all areas of the business and further cement a strong foundation for long term growth and profitability.”

ShopHQ Plans Wham-Bang 24th Birthday Party

ShopHQ isn’t going to let a big battle with some of its shareholders put a damper on its 24th birthday.

The No. 3 home shopping network said Tuesday that its plans to celebrate its 24th anniversary with a Heritage Day sales event beginning next Wednesday through Monday, June 23.

“This year’s Heritage Day event will highlight the best of ShopHQ,” the press release said. “Viewers from across the nation are invited to join in on the fun to celebrate the Company’s founding, which was 24 years ago on June 25, 1990.”

We are promised six days of special programming, special ValuePay promotions and special pricing on select items.

Polish Stonewear and Luminosity 925 Jewelry will also premiere.

“Heritage Days on ShopHQ will be an exciting event for all,” ShopHQ President Bob Ayd said in a canned statement. “We welcome our viewers to stop by and join in on the fun as we celebrate our 24th anniversary. We thank our valued customers for being part of the ShopHQ community, and we look forward to celebrating with them in the years to come.”

ShopHQ To Report Fourth-Quarter Results March 5

ShopHQ will release its fiscal fourth quarter and full year 2013 results after the market closes on March 5, the home shopping network said Wednesday.

Management will host a conference call/webcast to review the results at 4:30 p.m. the same day. CEO Keith Stewart, President Bob Ayd, Chief Financial Officer Bill McGrath and Chief Operating Officer Carol Steinberg will participate in the call. The call and webcast are open to the general public.

WEBCAST/WEB REPLAY: http://www.media-server.com/m/p/wdb36svn

TELEPHONE: 877-703-6104

PASSCODE: 71945286

ShopNBC i.e. ShopHQ To Report Second-Quarter Results Aug. 21

Call it ShopNBC. Call it ShopHQ.  Call it ValueVision Media Inc.

The No. 3 home shopping network will release its second-quarter results after the market closes on Aug. 21, the company said Thursday.

Management will host a conference call/webcast to review the results at 4:30 p.m. the same day.

CEO Keith Stewart, President Bob Ayd, CFO Bill McGrath and COO Carol Steinberg will all be on the call, which is open to the general public.

WEBCAST/WEB REPLAY: http://www.media-server.com/m/p/7yqrbt7i

TELEPHONE: 866-277-1184; Passcode: 95412533

ShopNBC To Post First-Quarter Earnings May 22

ShopNBC will release its first-quarter results after the market closes on May 22. Management will host a conference call/webcast to review the them at 4:30 p.m. the same day.

CEO Keith Stewart will participate in the call, as will President Bob Ayd, Chief Financial Officer Bill McGrath and Chief Operating Officer Carol Steinberg.

The call and webcast are open to the general public.

WEBCAST/WEB REPLAY: http://www.media-server.com/m/p/8ybzo5qa

TELEPHONE: 866-515-2910; Passcode: 83928428

ShopNBC Expands PNC Bank Credit Facility To $50 Million

ShopNBC increased the size of its credit facility with PNC Bank from $40 million to $50 million and has extended the facility’s maturity to five years, through May 1, 2018, the network said Tuesday.

The existing three-year facility was scheduled to mature February 9, 2015. PNC N.A. is a subsidiary of PNC Financial Services Group.

The expanded facility carries the same interest rate of LIBOR plus 3 percent. The credit facility is secured by ShopNBC’s and its subsidiaries’ accounts receivable, equipment, inventory, and certain real estate as well as other assets.

The facility will be used to finance inventory and other working capital needs as well as capital expenditures designed to support the continued growth of the business.

“PNC is a valued partner of ValueVision (ShopNBC) that has played an important role in supporting our business,” ShopNBC Chief Financial Officer Bill McGrath said. “The expanded facility improves our liquidity and better positions us to support continued growth.”

ShopNBC Reports Second-Quarter Earnings Aug. 15

ShopNBC will release its second-quarter results before the market opens Aug. 15, the company said Wednesday.

Management will host a conference call/webcast to review the results at 11 a.m. the same day. CEO Keith Stewart, president Bob Ayd, President and chief financial officer Bill McGrath will be on the call.

The call and webcast are open to the public.

WEBCAST/WEB REPLAY: http://www.media-server.com/m/p/8a3p5765

TELEPHONE: 800-599-9829; Passcode: 99060776

ShopNBC Names Target Vet Its Director of Consumer Electronics

ShopNBC has appointed Lee Goehring, a retail veteran of Target Corp. and Best Buy, its director of consumer electronics, the home shopping network said Tuesday.

Consumer electronics is a segment where ShopNBC has had a disaster, with one of its vendors apparently going under and CE sales just generally plummeting.

Previously, Goehring was a senior buyer for electronics at Target Corp., where “he achieved double-digit improvements in sales in a highly competitive e-commerce marketplace,” according to ShopNBC.

He also held electronics merchandising positions at Best Buy including home audio, computer peripherals, hardware and notebooks.

Most recently, Goehring managed a $150 million portfolio of electronics product lines for major national retailers. His appointment is the result of an extended national executive search, ShopNBC said.

“We are pleased to have Lee join our team as director of consumer electronics,” ShopNBC president Bob Ayd said in a canned statement. “His extensive experience, proven track record and industry contacts will be an important component of strengthening the consumer electronics segment over the long term. We look forward to his contributions.”

ShopNBC To Report Fourth-Quarter Results March 15, And It Don’t Look Good

ShopNBC will release its fiscal fourth-quarter and full-year results before the market opens March 15, the home shopping network said Wednesday.

Management will host a conference call/webcast to review the results at 11 a.m. that day.

ShopNBC previewed its four-quarter and year-end results Feb. 10, and sales in the quarter were down double-digits.

CEO Keith Stewart, President Bob Ayd and Chief Financial Officer Bill McGrath will participate in the call.

Both the call and webcast are open to the general public.

TELEPHONE:
866-831-6162; Passcode: 59813653