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#2005378 - 12/28/12 09:03 AM Steinway Musical Instruments Inc. declines to sell itself.
Jonathan Baker Offline
Full Member

Registered: 06/09/09
Posts: 258
Loc: New York City!
Steinway Musical Instruments Inc. has decided against further consideration of selling itself to an investor group led by two board members. Steinway's chairman and chief executive, Michael Sweeney, stated that a sale would not result in increased shareholder value. Steinway Musical Instruments reported that sales were flat ($89 million) for the last quarter but also reported an increase in gross profits of 13.1 percent to $29 million.

Link to the NY Times article: http://artsbeat.blogs.nytimes.com/2012/12/27/steinway-decides-to-keep-the-keys-of-its-kingdom/
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Jonathan Baker
http://www.BakerPianoLessons.com/index.htm

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#2045573 - 03/09/13 04:52 PM Re: Steinway Musical Instruments Inc. declines to sell itself. [Re: Jonathan Baker]
SBP Offline
Full Member

Registered: 09/12/12
Posts: 258
I think Steinway might be more successful if it focused on cutting their prices. Their grands are at least $20K too high across the board. While they're nice pianos, I'm sure nobody really wants to pull a second mortgage for a Steinway B. The lower prices would be more than just made up for by increased sales, wouldn't ya think? I'm not really a business expert, but I'm sure more people are going to buy a $30K Model S as opposed to a $50K one. That's still pretty pricey, but it's far more realistic.
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2012 Kawai K3

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