NEW
YORK, June 18, 2024 /PRNewswire/ -- Thrasio
announces its successful emergence from Chapter 11 bankruptcy,
unveiling a path forward under new leadership. The revitalized
Thrasio will prioritize its top-performing brands with a focus on
profitability as a consumer goods company.
The company also announces the appointment of Stephanie Fox, previously COO and employee #1 at
Thrasio, as Chief Executive Officer, and a Director of the company,
effective today. This follows the prior announcement that
Greg Greeley will step down as CEO
and Board Chair upon completion of its global restructuring.
Greg Greeley said: "The team has
taken tremendous steps these past eighteen months to put the
company on the trajectory for success. As Thrasio emerges from
Chapter 11, the company is well positioned to successfully grow its
brands and delight its customers. Stephanie's practical experience
with Amazon sellers and e-commerce entrepreneurship combined with
her deep understanding of Thrasio's operational strengths make her
ideally suited to lead the company's revitalization."
Under Fox, Thrasio will concentrate on its leading brands with a
loyal customer base and potential for product and channel
expansion. This focus includes top-performers like The Hate
Stains Co. stain removers which has grown over 100%
in the last year under Thrasio's leadership and Angry
Orange pet deodorizer which has achieved 21X top line
growth since acquisition. Additionally, brands including breakouts
ChomChom pet hair remover and Nippies bra
alternative are thriving on TikTok Shop, top e-commerce sites, and
more than 40,000 storefronts, demonstrating Thrasio's reach beyond
its Amazon origins.
"I am thrilled to lead Thrasio into this next phase," says Fox.
"We are emerging from Chapter 11 with a clean balance sheet, fresh
capital, and a renewed focus on our core business of building
brands. I have been with Thrasio since day one, and remain as
excited about the opportunity ahead now as I was in 2018. Our team
brings deep expertise in Amazon, e-commerce, and brand development,
and we boast a portfolio of beloved brands that continue to thrive
both on and off Amazon. Over the past five years, we have matured
and evolved significantly, and in this next chapter we will be
laser focused on profitability and sustainable growth. With the
right team, systems, and controls in place, we are well-positioned
to lead in this space."
Thrasio's emergence from Chapter 11
marks a pivotal moment, underscored by significant financial
and operational improvements:
- Deliberate Bankruptcy Process: Thrasio voluntarily
entered Chapter 11 with a well-defined reorganization plan that was
widely supported by its lenders. Ultimately, overwhelming support
for Thrasio's reorganization—over 99% of all stakeholders who
participated in the process—enabled Thrasio to complete its process
expeditiously.
- Enhanced Financial Position: The restructuring has left
Thrasio financially stronger, with a clean balance sheet, reduced
debt, and an infusion of $90 million
in fresh capital.
- Focused Growth Strategy: Thrasio's approach will be to
streamline its portfolio to concentrate on its best-performing
brands and core categories ensuring a focus on delivering superior
customer experiences and innovative product offerings.
- Established Market Share: Thrasio products are found in
over 80 million households, and Thrasio estimates that 1 in 2 US
homes has purchased a Thrasio product in the last three years.
About Thrasio
Thrasio is a next-generation consumer goods company committed to
offering superior products that enhance everyday life.
Thrasio.com
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SOURCE Thrasio