Meridian's Good Steers Weave Back to Business
November 18, 2009
DENVER, Pennsylvania - Weave Corp. expects to reopen its doors and the Denver mill restarted by Nov. 19 according to Margaret Good, president and founder of Meridian Advisors Management, Inc., which has been retained in the operation and sale by PNC Bank, currently the owner of Weave.
Meridian has a history of successfully restructuring, and/or turning around and selling manufacturers under its management. Good's industry experience spans transportation, manufacturing, distribution and service businesses with sales ranging from $10 million to $500 million. She is a certified turnaround professional (CTP).
"All of our vendors have been cooperative," she said. ''Our customers have been supportive because nobody wants to see another mill go out of business. We're accepting new orders and our backlog has gone up. We promised the bank a budget and we hope to at least break even on the operation until we can sell it. We can't afford to lose money on it. The assets are hopefully worth more if the mill is operating."
Weave closed after the former owner Roger Berkley turned it over to PNC Bank on or about Oct. 24, 2009.
Good said that Liz Karp has been rehired as vice president of sales; Jeff Harpst has been rehired as vice president of operations and Bruce Nathan has been rehired as chief financial officer. A total of 10 to 15 people have been retained from the original force of about 70 employees, she said.
Harpst reports to Good until a new buyer for the mill can be found. Good said there are 10 confidentiality agreements signed so far with "strong interest." She hopes that an industry insider will buy the mill within 90 days or sooner.
She said the Hackensack operation will be folded into the Denver mill but the disposition of the New York City based showroom is something she has yet to address.
Meridian has a history of successfully restructuring, and/or turning around and selling manufacturers under its management. Good's industry experience spans transportation, manufacturing, distribution and service businesses with sales ranging from $10 million to $500 million. She is a certified turnaround professional (CTP).
"All of our vendors have been cooperative," she said. ''Our customers have been supportive because nobody wants to see another mill go out of business. We're accepting new orders and our backlog has gone up. We promised the bank a budget and we hope to at least break even on the operation until we can sell it. We can't afford to lose money on it. The assets are hopefully worth more if the mill is operating."
Weave closed after the former owner Roger Berkley turned it over to PNC Bank on or about Oct. 24, 2009.
Good said that Liz Karp has been rehired as vice president of sales; Jeff Harpst has been rehired as vice president of operations and Bruce Nathan has been rehired as chief financial officer. A total of 10 to 15 people have been retained from the original force of about 70 employees, she said.
Harpst reports to Good until a new buyer for the mill can be found. Good said there are 10 confidentiality agreements signed so far with "strong interest." She hopes that an industry insider will buy the mill within 90 days or sooner.
She said the Hackensack operation will be folded into the Denver mill but the disposition of the New York City based showroom is something she has yet to address.
