Small appliance maker Salton, Inc. announced that it has retained Ernst & Young Corporate Finance, LLC, a provider of investment banking services to companies and an affiliate of Ernst & Young LLP, as its financial advisor in connection with its recently announced restructuring.
The company previously announced that it plans to reduce annual domestic operating expenses by a minimum of U.S. $40 million through a reduction in domestic operating costs and through consolidation of U.S. operations. EYCF will also help Salton with its cost reduction initiatives and in its negotiations with senior lenders.
"As we said in our earnings announcement and conference call, we are determined to return our U.S. operations to profitability," said Leonhard Dreimann, CEO of Salton. "We have already begun to identify cost-cutting areas and are confident that these initiatives will result in a U.S. expense base that will allow us to be profitable in the U.S. with our current level of revenue. In the interim, we continue to have adequate liquidity to run our operations."
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