The restructuring plan, which was announced on March 18, was designed to increase profitability for the company, improve working capital efficiency, improve customer service and reduce overhead.
“We learned some tough lessons in fiscal year 2013. Today we are pleased to announce that we have not only executed our previously announced restructuring plans, but we have also finalized a new capital structure, both of which we expect will improve our competitive and financial position as we begin fiscal 2014,” said Rod McGeachy, president/ceo. “Furthermore, I am pleased that we were able to accomplish this with no equity dilution to our current shareholders.”
The restructuring plan, announced on March 18, 2013, was designed to increase profitability for the Company, improve working capital efficiency, improve customer service and reduce overhead.
Tandy Brands has successfully reduced the risk profile associated with its Gifts business, which was the primary source of the fiscal 2013 financial issues, by significantly reducing product return privileges, limiting margin agreements with retailers, locking freight rates, exiting underperforming products, and relocating and outsourcing its Gifts distribution function.
Senior Credit Facility with Salus Capital Partners
“We think the steps we have taken have effectively reduced the risk associated with our Gifts business and believe the profitability of this segment will be greatly improved in fiscal 2014,” said McGeachy.
Furthermore, the company confirmed today that it had successfully executed all of the headcount reductions and facility consolidations as previously announced. In addition, Tandy also eliminated the chief restructuring office role which had been filled by John Little from Deloitte Financial Advisory Services LLP.
“John and the CRO role added value to our organization during a difficult time,” said McGeachy. “During the past four months we’ve successfully maintained service to our retailers, executed our restructuring initiatives, and closed our new credit facilities. We thank John for his contributions.”
On July 24, Tandy entered into a new credit agreement with Salus Capital Partners, LLC, to provide senior financing up to $29 million. The facility is comprised of a revolving credit facility in the amount of $27.5 million, and a term loan facility in the amount of $1.5 million, and expires in July 2015.
“Although we experienced choppy waters in fiscal 2013, our organization is stronger and we are excited about starting fiscal 2014 with new credit facilities, additional liquidity, no equity dilution and with our restructuring actions completed,” added McGeachy.
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