Updated: 6:00PM EST | Meridian, MS (July 30, 2019)—Peavey Electronics will auction off an estimated $12 million in unsold/returned stock and unused parts from its various pro audio and MI product lines on August 7, 2019.
Run by industrial auction house CA Global Partners, the event will include more than $2 million in new and returned items, including speakers, PAs, amplifiers, mixers, guitars, microphones and more.
The auction will also aim to sell off more than $10 million in parts inventory, including wood and plastic speaker cabinets, drum set parts, guitar cases, mic stands, shipping cases, speakers, subwoofers, resistors, capacitors, cables, switches, transistors, diodes and more. Additionally being put on the block will be an extensive number of saws, drill presses, shapers, sanders, stitchers, presses and other tools, as well as a large quantity of raw wood, including maple, ash, walnut and mahogany.
A brief perusal through the online catalog reveals auction lots of various Crest amplifiers, mixers and consoles; speakers from OEM suppliers like Eighteen Sound and Eminence; a stack of Christie Vive Audio CDA5 Series amplifiers; Peavey Versarray boxes, consoles and portable PAs; and more.
“Peavey decided months ago to auction off outdated machines, materials, and goods that are of no use or value to ongoing concerns of the business," Courtland Gray, COO of Peavey, tells Pro Sound News. "In doing so, this frees up a 300,000-square-foot warehouse that will now become more profitable for Peavey moving forward.”
CA Global Partners' auction comes, however, as Meridian TV station WTOK reported today that upwards of 30 employees have been let go from Peavey in the last few weeks. A Peavey spokesperson told Pro Sound News that the layoffs were unrelated to the auction and emphasized that the sale should be taken at face value: The company is clearing out a warehouse.
In September 2014, the company underwent a massive global restructuring as it laid off 100 employees in Meridian and shuttered its UK distribution center. In the wake of those moves, the company sold off speaker and amplifier manufacturing equipment the following year, having moved production of those items overseas. According to guitar.com, Peavey plans to sell or rent out space within the 300,000-square-foot warehouse after the auction clears out the building’s contents.
While all bidding will be handled online, registered bidders can inspect the lots on August 5 and 6 at 710 A Street in Meridian.
This story was updated at 6PM EST to include responses from Peavey and Peavey COO Courtland Gray.
Peavey • www.peavey.com