SPAR Group is relocating its corporate headquarters from Auburn Hills, Michigan, to Charlotte, putting the provider of merchandising and other services closer to southeastern-based retailers such as Walmart and Home Depot.
Its South End address “opens up new opportunities for SPAR and the business,’’CEO Mike Matacunas said in a statement. The company provides marketing, logistics and operational support to retailers. It posted revenue of $34 million and net income of $462,000 in the three months ended March 30.
The relocation will be effective in October. “This move places the company in one of the country’s fastest growing cities with a vibrant tech sector, business-friendly environment, access to great talent and a highly-connected international airport,’’ SPAR said.
The new office will have 50 to 60 team members, including senior managers in finance, HR, accounting and operations.
The publicly traded company is leaving the Detroit suburbs after it terminated its merger agreement with Highwire Capital due to its “inability to produce the funds to close,’’ SPAR said in its quarterly financial statement on July 17. The dissolution of the deal delayed the filing of the company’s annual and first-quarter securities filings.
In June, SPAR responded to what it called false claims and assertions about the company, the board and management by former director Robert Brown.
The stock has lost more than 40% of its value this year, after trading as high as $2.48. It closed Tuesday at $1.13, down 2 cents. It has a market cap of $26.5 million.
