• While the Company maintained market share during a three year industry recession, it had experienced a sales and profitability decline consistent with industry trends.
• Significant actions were implemented prior to the retention of Fort Dearborn, to reduce operating expenses since and improve profitability. However, the economic downturn coupled with several facility expansions caused significant cash flow pressures and left insufficient capital for future growth.
• Fort Dearborn played a vital role in assisting management in the development of a formal operating plan, identification of cost reductions and profit improvement initiatives, improvement in monthly accounting and reporting, and development of a long term forecast, all of which were crucial in positioning the Company for refinancing.
• Fort Dearborn also assisted in the reduction of interest-bearing debt through the sale of real estate and improved working capital management.