FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Rosenthal & Rosenthal Provides Exit Financing to Holsted Marketing

August 15, 2013, 07:41 AM
Filed Under: Bankruptcy

Holsted Marketing, Inc., a New York-based multichannel direct-marketing company, announced that its plan of reorganization was approved by creditors and confirmed by the U. S. Bankruptcy Court. Holsted filed its chapter 11 case on August 28, 2012.

"With the support of our lenders, our valued business partners and our employees, we've reorganized operations successfully to better position ourselves for the opportunity of renewed growth and profitability," said Victor Benson, Holsted's chairman and chief executive officer.

Holsted has secured an exit financing facility from Rosenthal & Rosenthal, Inc., its existing secured lender.

"Before entering the bankruptcy process," Benson noted, "we had reduced our overhead by more than 27% and implemented several steps to cut operating expenses and accelerate revenue generation.  With the cooperation of our suppliers and creditors in general, we have significantly lowered our debt position and have now been profitable for the last eight consecutive months.  We believe we have turned a corner toward more sustained revenue growth and profitability, which in turn will provide enhanced opportunity for our business partners.

"Holsted has served its clients for more than four decades, building businesses and supporting brands," Benson noted. "We look forward to working with our marketing partners to capitalize upon an improving economic environment and our enhanced operating systems. A significant step in that regard was the launch of our own best-in-class order processing company, Intelligent Solutions Direct, which currently handles 100% of the Holsted processing requirements. ISD is now positioned to engage additional clients, providing the finest in order processing capability.

Holsted Marketing, founded in 1971 and a member of the Direct Marketing Association since 1978, is a leading multichannel direct-marketing company and has supplied fashion jewelry and accessories to millions of customers in the United States, Canada and the United Kingdom. Holsted's areas of specialty include direct mail advertising, loyalty programs, customer retention, reward programs, and database marketing.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.