Small appliance maker Applica Incorporated announced that it has extended the engagement of Alvarez & Marsal, LLC (A&M), a global professional services firm specializing in turnaround management, to work with its board of directors and management team to identify additional actions to accelerate the company's financial turnaround.
Applica said A&M will work with the company's leadership team to evaluate its strategic plan, implement various business initiatives and drive performance improvement.
In addition, David Coles of A&M has been named interim chief operating officer.
Mr. Coles, a managing director at A&M, specializes in business performance improvement, profitability analysis and working capital management, most recently with a focus on manufacturing and healthcare. With more than 15 years of financial restructuring experience, his primary areas of expertise include cash flow management and the formulation and implementation of restructuring and performance improvement plans for underperforming businesses.
"Mr. Coles and A&M were retained based on their solid record of assisting in successful financial and operational performance improvement programs, including their substantial experience in consumer branded products," Harry D. Schulman, Applica's chairman of the board and CEO, said. "Leveraging A&M's experience and expertise will provide us with additional perspectives on ways to strengthen our financial performance and capabilities."
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