NEW YORK--The He-Ro Group Ltd. has hired Anderson Worldwide as a financial adviser to explore strategic options including the possible sale of the company. Additional options include alliances with other companies, an infusion of capital, a merger or a combination of these.
He-Ro said it is negotiating with "several interested parties." It also said it's continuing efforts to bring the company back to profitability. The eveningwear maker has been substantially downsizing since the death of its founder, Herbert Rounick, in September 1993. For the nine months ended Feb. 29, He-Ro lost $1.7 million on sales of $40.8 million.
Della Rounick, co-chairman, chief executive officer and widow of the founder, owns 4.43 million shares for a 66 percent stake. The company owes $5.7 million to the estate of Herbert Rounick, representing loans and death benefits.
He-Ro is coming off three years of losses, including a loss of $4.4 million in the year ended May 31, 1995, on sales of $57.2 million. Sales peaked in fiscal 1993 at $170.5 million.

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