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The Journal of Private Equity

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How The Dearfoams® Slipper Company Regained Its Footing

Margaret M. Good and Thomas M. Von lehman
The Journal of Private Equity Spring 2007, 10 (2) 128-134; DOI: https://doi.org/10.3905/jpe.2007.682352
Margaret M. Good
President of the Meridian Group and a member of the board of directors for the Turnaround Management Association in Pittsburgh,PA.
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Thomas M. Von lehman
The managing director of The Meridian Group and ex-chief executive officer of R.G. Barry Corporation.
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Abstract

After substantial losses during 1999–2002, the financial condition of R. G. Barry Corporation reached a crisis stage in 2003 when it exceeded the limits of its line of credit and experienced a net loss of over $21 million. The Meridian Group was engaged in early January 2004 to assist the company in developing a credible turnaround plan and in finding a new lender. Meridian quickly identified that a drastic change to the company's business model was necessary. Based on the aggressive restructuring plan, Meridian was able to refinance Barry's borrowing needs with a new lender by the end of March, and Tom Von Lehman of Meridian was appointed interim CEO to execute the turnaround plan. The restructuring plan yielded a dramatic turnaround with the company reporting a net profit of over $8 million in 2005. For the outstanding results obtained in the Barry turnaround, Margaret Good and Thomas Von Lehman were recognized with the 2006 Turnaround of the Year Award—Mid-Sized Company by the Turnaround Management Association.

TOPICS: Private equity, performance measurement, portfolio construction, financial crises and financial market history

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Vol. 10, Issue 2
Spring 2007
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How The Dearfoams® Slipper Company Regained Its Footing
Margaret M. Good, Thomas M. Von lehman
The Journal of Private Equity Feb 2007, 10 (2) 128-134; DOI: 10.3905/jpe.2007.682352

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How The Dearfoams® Slipper Company Regained Its Footing
Margaret M. Good, Thomas M. Von lehman
The Journal of Private Equity Feb 2007, 10 (2) 128-134; DOI: 10.3905/jpe.2007.682352
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