Things Remembered Announces Comprehensive Restructuring and New Ownership Group
CLEVELAND, OH--(Marketwired - August 30, 2016) - Things Remembered Inc., the leading personalized gift retailer, today completed a consensual restructuring transaction with the unanimous support of its shareholders and lenders. As part of the restructuring, existing lenders have acquired all of the equity in Things Remembered, significantly reduced the company's outstanding indebtedness, and provided the company with additional liquidity in the form of an asset-based loan to support future growth.
The recent agreements have put the market-leading retailer in a stronger position to achieve its 2016 targets, with a solid outlook and plan for 2017. The current executive leadership at Things Remembered will remain in place, and no vendor contracts were affected as part of the restructuring.
ABOUT THINGS REMEMBERED
Things Remembered, based in Cleveland, Ohio, is the nation's leading retailer of personalized gifts, with more than 500 stores in the United States and Canada. For more information about Things Remembered or for store locations, visit ThingsRemembered.com or call 800-274-7367. For more news, follow Things Remembered on Twitter, Facebook and Instagram.
