SAN FRANCISCO, July 22 /PRNewswire/ -- the good guys! (Nasdaq: GGUY) today
announced that Paul N. Erickson has been named interim chief financial officer
and Gary M. Lawrence, partner and chairman of the mergers and acquisitions
practice group of Akin, Gump, Strauss, Hauer & Feld, L.L.P., has been elected
to its Board of Directors.
"We believe the addition of Paul to our executive management team will
strengthen our ability to return the company to profitability and enhance our
shareholders' investment," said Ronald A. Unkefer, founder, chairman and chief
executive officer of the good guys! "And we look forward to Gary's support and
counsel as the newest member of our Board as we address the complex issues
facing our company and reestablish the good guys! as the leading provider of
premier consumer entertainment electronics brands and related services."
Erickson has more than 30 years of experience as a consultant, corporate
officer and commercial banker. His appointment is effective immediately, and
he will serve as interim chief financial officer while the company completes a
nationwide search. Erickson replaces Dennis Carroll who resigned in April.
Prior to joining the good guys!, Erickson was a strategic consultant to
executives of middle market companies, banks and professional firms on matters
of strategy development, profit improvement and market positioning.
Erickson has led financial turnarounds as chief financial officer at
Consolidated Fibres, Inc., an international paper distributor, and at Rigging
International, a heavy lift engineering and transportation company. Erickson
has also served as vice president of corporate development for Wells Fargo
& Company and as vice president for corporate planning for Bank of California.
Lawrence has extensive experience in mergers, acquisitions, divestitures,
restructurings and joint ventures in the areas of high technology and
specialty chemicals as a partner in the Dallas office of Akin, Gump, Strauss,
Hauer & Feld, L.L.P., a leading international law firm with offices in the
United States, Europe and Russia. Lawrence is chairman of the firm's mergers
and acquisitions practice group and a member of the management committee and
corporate and technology practice groups.
On July 1, 1999, Unkefer replaced Robert A. Gunst on the board and
returned to the company as chairman and CEO. The addition of Lawrence
increases the number of board members to seven.
the good guys! plans to announce third quarter earnings and its new
business strategy on Monday.
the good guys! is a leading specialty retailer of consumer entertainment
electronics, operating a total of 79 stores in California, Washington, Oregon
and Nevada, and marketing a broad range of high quality, name brand products.
For more information on the good guys!, including news releases, product
information and store locations, visit http://www.thegoodguys.com.
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.
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CONTACT:
Kristen Malacarne of the good guys!,
214-665-1335
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