SAN FRANCISCO, June 3 /PRNewswire/ -- the good guys! (Nasdaq: GGUY) today
announced that Ronald A. Unkefer, founder and former Chairman and Chief
Executive Officer of the good guys!, will rejoin the Company and its Board of
Directors on July 1, 1999, as Chairman and Chief Executive Officer. Unkefer
will replace Robert A. Gunst, who announced in April his resignation as
President and CEO effective June 30, 1999.
"The return of Ron Unkefer to the good guys! is an important milestone in
the life of this Company," said Howard Lester, member of the Company's Board
of Directors and Chairman and CEO of Williams Sonoma. "Ron's track record in
this industry and with the good guys! makes him uniquely qualified to assume
the role of Chairman and CEO. In addition, his relationships in Silicon
Valley and his experience in the Internet and technology arenas will enable
him to bring an important new dimension to the Company's strategic plan and
operations."
"I am proud to rejoin the good guys! and excited about leading the Company
at such a challenging and promising time," said Unkefer. "We plan to leverage
the broad-based recognition and high regard for the good guys! brand to
reaffirm the Company's position at the forefront of consumer electronic
retailing and return to the consistent growth and profitability it had
historically achieved."
The Company also announced today that Unkefer is making approximately a
$4.7 million investment in the Company, purchasing from the Company 1,450,000
restricted shares of its common stock, representing ten percent of the
Company's issued and outstanding shares, and acquiring warrants exercisable
over a three-year period for an additional 1,435,000 shares of common stock.
Unkefer founded the good guys! on July 1, 1973, opening the Company's
original store in San Francisco. From 1973 until 1993, Unkefer served as
Chairman and CEO, building the Company into the West Coast's most successful
and profitable specialty retailer of consumer electronics. In 1986, Unkefer
took the Company public. Unkefer retired from the position of CEO in January,
1993 to pursue full time his venture capital and broadcasting interests and
continued to serve as Chairman of the good guys! until January 1996.
Currently, Unkefer is Chairman of First Ventures, a venture capital fund
investing in Internet and technology companies in Silicon Valley, and Chairman
of First Broadcasting, an owner and developer of major market radio stations.
the good guys! is a leading specialty retailer of consumer electronics,
operating a total of 79 stores, 61 in California, nine in Washington, five in
Oregon and four in Nevada, and marketing a broad range of high quality, name
brand products. For more information on the Company, including news releases,
employment opportunities, product information and store locations, visit the
good guys! Internet home page at http://www.thegoodguys.com. the good guys!
press releases are also available by fax through Company News-On-Call at
800-758-5804, extension 108403.
To the extent this news release contains forward-looking statements, such
statements are subject to risks and uncertainties, including, but not limited
to, increases in promotional activities of competitors, changes in consumer
buying attitudes, the presence or absence of new products or product features
in the Company's merchandise categories, changes in vendor support for
advertising and promotional programs, changes in the Company's merchandise
sales mix and economic conditions.
SOURCE The Good Guys, Inc.
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Related links:
http://www.thegoodguys.com
Company News On-Call:
http://www.prnewswire.com/comp/108403.html or fax,
800-758-5804, ext. 108403
CONTACT:
Robert A. Gunst, President and CEO of The
Good Guys, Inc., 650-615-6060; or Kristen Malacarne of First
Ventures Fleishman-Hillard, 214-665-1335, for The Good Guys, Inc.
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