Steinway Musical Instruments Inc. declines to sell itself.

Posted by: Jonathan Baker

Steinway Musical Instruments Inc. declines to sell itself. - 12/28/12 09:03 AM

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/
Posted by: SBP

Re: Steinway Musical Instruments Inc. declines to sell itself. - 03/09/13 04:52 PM

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.