WHEREHOUSE IS HOME
FOR COMSTOCK
Parent company Cerberus Partners was reportedly on a CEO search for the last year as Chairman/CEO Tony Alvarez had taken a less active role in the company. Many in the industry opined that Wherehouse Music President (and ex-Blockbuster Music Prexy as well) Larry Gaines might get the nod, but Cerberus is obviously bowing to what they feel is investors’ needs to "look outside the box" for exec talent.
Despite Comstock’s Blockbuster stint, he is best known for his time at AutoNation (another Wayne Huizenga company) and, most recently, the Bennigan’s restaurant chain.
One major supplier is said to have told the WM board that Gaines is the only reason for Wherehouse's continued good standing with his company.
UMVD Prexy Jim Urie agrees, telling us: "We have had a large degree of confidence in the company under Gaines that has certainly manifested itself in a larger credit line." But Urie is also quick to point out that Comstock is a well-respected businessman and not entirely unknown to the music industry.
Word has it that Cerberus came with a very strong package to keep Gaines from bolting. Of course, Gaines came to Wherehouse following the acquisition of Blockbuster by Cerberus. He was promoted from WM COO to President last year. Alvarez is said to be keeping the title of Chairman, although his participation at this point seems purely financial.
