Handleman shareholders approve liquidation plans

By Lisa Kerner

Charlotte, N.C., Oct. 1 - Handleman Co. shareholders approved the company's plan of liquidation and dissolution at the annual meeting on Wednesday.

The company said that while a cash distribution is a possibility, no assurance can be given that any distribution will occur.

Handleman shareholders also re-elected Eugene Miller and Adam Sexton as directors at the meeting.

According to Handleman, dramatic changes in the music industry - the company's primary source of revenues - are mainly to blame for the decision to liquidate.

Handleman sold its music inventory and selected other assets related to its Wal-Mart business in the United States to Anderson Merchandisers, LP in June, a Handleman news release said.

In July, Handleman said it sold its Canadian operations to Anderson and sold its Artist to Market Distribution unit to Eurpac Service, Inc.

A majority of Handleman's U.K. operations and assets were sold to a subsidiary of Tesco plc in September.

Handleman said it continues to explore opportunities to maximize the value of its other businesses: video game distributor/publisher Crave Entertainment Group, Inc. and Reps LLC, a national in-store merchandiser.

Troy, Mich.-based Handleman is a category manager and distributor of prerecorded music to retailers.

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