ValueVision Rebranding: Now Called EVINE Live
As an eventful 2014 winds down for Eden Prairie-based ValueVision Media, the broadcast television network owner has one more shakeup in store: a total rebranding.
The company, which has done business under the ShopHQ brand, said Tuesday that it is changing its corporate name to EVINE Live Inc., effective immediately. On Nov. 20, the company’s trading symbol will also change from VVTV to EVLV. It will transition from doing business as ShopHQ to EVINE Live in the coming months and said the complete rebranding process will take place in the first half of 2015.
The news comes in conjunction with third quarter earnings news that the company reported a loss of $808,000. It said it had a loss of 1 cent per share and adjusted earnings were 3 cents per share, beating Wall Street expectations. The Associated Press reported that analysts surveyed by Zacks Investment Research estimated a loss of 3 cents per share. Revenue of $157.1 million missed forecasts of $158.2 million.
Operating as EVINE Live, the company said it will “focus on all things digital.”
“We strongly believe definitive change and innovation are necessary to build on our recent momentum and drive the company to the next level,” CEO Mark Bozek said in a statement. “We believe that fully embracing this new transformation will enable EVINE Live to forge new paths and new relationships that allow us to be far more competitive, far more creative and far more disruptive on all our platforms.”
Bozek became the company’s CEO in June amid a public back-and-forth with New York-based investment group Clinton Group, which sought new leadership. At the same time, five of Clinton Group’s nominees joined ValueVision Media’s board of directors. In its October issue, Twin Cities Business reported on the company’s battle for its future.
Entering Tuesday, ValueVision’s shares had dropped nearly 20 percent since the beginning of the year, but are now up more than 12 percent from the same period 12 months ago. As of mid-morning on Tuesday, the company’s stock price was trading up 5.73 percent from Monday’s close at $5.90, an increase of 32 cents.