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NexCen Brands provides business update
May 29, 2008
NEW YORK — NexCen Brands, owner of the Pretzel Time, Pretzelmaker, Great American Cookies, Marble Slab Creamery and Maggie Moos brands, has announced an update on recent company activities.
The company's board of directors has engaged N M Rothschild & Sons Limited to explore strategic alternatives, including the possible sale of one or more of its businesses.
Management also confirmed that active discussions continue with the company's lender regarding possible amendments to the bank credit facility as well as with other potential lenders regarding additional financing.
In addition, NexCen has announced actions to streamline the company's operations, including a headcount reduction at its New York headquarters. As a result of the changes, the company has eliminated approximately 25 percent of its New York-based workforce. Reductions in payroll and salary deferrals are expected to reduce cash outlays by approximately $3 million on an annualized basis, and additional expense savings are anticipated.
As part of the new organizational structure, Charles Zona will step down from his position as executive vice president of licensing, but will remain with the company for a transition period. Rick Platt, president of NexCen Home Studios, encompassing the Waverly, Bill Blass Home and Gramercy brands, will now oversee Bill Blass; and Chris Dull, president of NexCen Franchise Management, will continue to oversee the company's franchise business.
"These actions streamline the company and allow us to operate more cost-effectively. We will remain committed to providing our franchisees, licensees and business partners with the highest level of service," said Robert W. D'Loren, CEO of NexCen Brands.
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