The Company is a family-owned, multigenerational leading designer of men's, women's, and kid's footwear, slippers, socks, apparel, and headwear primarily through owned proprietary and private label retailer brands.

The Company had established a multichannel distribution footprint of more than 200 retailers (15,000+ doors), spanning all major retail channels (bricks & mortar, online, DTC, TV).

The Company had grown significantly over the past five years, more than doubling revenue and EBITDA. During this period, systems, people, and processes were not upgraded or refined to keep up with revenue growth.

The Company was heavily seasonal and relied upon a network of outsourced logistics and 3PL partners to assist in importing products from overseas and timely shipment to customers.

The Company encountered significant headwinds as the cost of shipping containers rose from $5,000 per container in 2020 to $24,000 per container in 2023. Additionally, the Company received the containers late (beyond the selling season, with tens of millions in transit inventory at the fiscal year-end) due to freight/shipping logistics issues from China to the US. The receipt of delayed shipments resulted in millions of carryovers into the following season.

FDP was engaged to create a 13-week cash flow analysis for the syndicated lender group. Eventually, the scope expanded to refinancing the Company to a new lender and interim CFO work as the existing CFO, controller, and accounting manager had exited the Company before FDP's engagement.

FDP secured a new line of credit with a non-regulated private credit company, which allowed the Company to avoid bankruptcy and liquidation.

A new controller and CFO were hired, in addition to other accounting, finance, and IT staff. These new hires enabled the Company to meet its new lender's annual financial audit requirement.