Audio King (3)

Electronics Store. Division of Ultimate Electronics, Inc. Founded: 1953 Sales: $65.6 million (fiscal year ending June 30, 1996, as Audio King Corporation) SICs: 5731 Radio, TV & Electronics Stores; 7699 Repair Shops & Related Services, Not Elsewhere Classified Company History: Audio King, founded in 1953 by Albert C. Kempf, initially sold cameras as well as audio products. Operating from a single Minneapolis location, the business went on to build a reputation among audiophiles and other seekers of high fidelity equipment. Sales grew to around $1.6 million by the mid-1970s. When Randel S. Carlock became a partner in the company in 1977, he pushed for a broader range of products and additional stores. By the time Carlock bought out Kempf in 1985, Audio King was a chain of seven stores. The company further expanded its business with the purchase of an audio service center in early 1986. Sales for fiscal 1986 were about $10.4 million. Audio King Corporation, which operated high-end consumer electronics specialty stores and the Midwest's largest independent audio/video electronics repair service, was purchased by Ultimate Electronics, Inc. in 1997. The two regional marketers merged to keep a footing in the $70 billion industry which was dominated by giant mass merchandisers Best Buy Company and Circuit City Stores. Ultimate Electronics, Inc. operated businesses under the names Ultimate Electronics, SoundTrack, and Audio King.