TESS - Tessco Technologies closes certain retail assets sale

As the company exits its retail business to focus on its more successful and higher-margin commercial segment, TESSCO Technologies (TESS) closed its earlier announced sale of most of its retail inventory, the Ventev brand as it relates to mobile device accessory products, and certain other retail-related assets to Voice Comm.In order to ensure a smooth transition, the company will continue to work with its retail customer and supplier partners.It plans to retain Ventev brand for use in its commercial business products and operations.Going ahead in FY21, TESSCO expects retail operations exit to generate ~$8M to $12M in net cash flow and another $4M to $8M in the aggregate over the next four years.

For further details see:

Tessco Technologies closes certain retail assets sale