totes®-Isotoner Successfully Recapitalizes Business
CINCINNATI, Nov. 22, 2019 /PRNewswire/ -- The totes®-Isotoner Corporation announced today the company has reached an agreement with its lenders and owners to establish a new long-term capital structure in a comprehensive and consensual recapitalization of its balance sheet. The transaction will substantially reduce the company’s existing debt level and enhance its overall financial performance and cash position. In addition, certain lenders are investing new capital in excess of $20 million, which will put the company in an even stronger position with increased flexibility to pursue various growth opportunities.
“With best-in-class brands, great products, new innovations and end-to-end supply chain operations, we are well-positioned to delight consumers and grow with our retail partners,” said Dan Rajczak, totes-Isotoner CEO. “And, with the strong financial support of our lenders, we will have the means to fully drive our strongest growth opportunities – all good news for our people, our customers and our business partners.”
In connection with the transaction, and with the elimination of the previous credit structure, the company and its lenders expect a customary withdrawal of credit ratings by rating agencies.
totes-Isotoner Corporation is a world leader in the design and marketing of umbrellas, gloves, slippers and other weather-related accessories. The company was founded in 1923 and is headquartered in Cincinnati, Ohio. totes»Isotoner has over 600 employees and, in addition to Cincinnati, has offices in New York, Toronto, London, Paris, Hong Kong and Manila. In 1997, totes and Isotoner merged to form the totes»Isotoner Corporation. The Company offers quality products from several of the most recognized apparel brand names in the world, including totes, Isotoner and Acorn.
Media contact: Vicky Bamesberger Vicky.Bamesberger@totes.com
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