Manufacturing
Our client was a US-based manufacturer and distributor of leather footwear and orthopedic products founded in 1867. Most US footwear manufacturers had either gone out of business or shifted production overseas and as a result, the company faced competitive pricing and other challenges in the global market.
Our client was a US-based manufacturer and distributor of leather footwear and orthopedic products founded in 1867. Most US footwear manufacturers had either gone out of business or shifted production overseas and as a result, the company faced competitive pricing and other challenges in the global market. Over time, the Company changed its business model and began importing shoes that required long lead times and large quantities for a fashion/style-sensitive product. The company’s situation required an infusion of new capital to support the lending institution and suppliers. The owner decided that, based on his age and financial risk tolerance level, he didn’t have enough energy to re-invent the business yet again and that this may be the time to sell.
Next Point worked the issues from multiple directions, our operations team strived to keep the unsecured creditors at bay while keeping the lights on, the employees paid and the operation running; simultaneously, our divestiture team worked to package the company and bring it to the marketplace to find a buyer that could move swiftly to close the transaction.
Next Point successfully facilitated the sale of the Company to new ownership, allowing the business to continue operating at its original location and preserving jobs at the time of the transaction. The sale provided a path forward for a historic manufacturer facing significant financial and competitive challenges.
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