Following an update filed with the U.S. Bankruptcy Court on October 21, the District of Delaware confirmed plans to reorganize under Chapter 11 Basic Fun! Said it “has emerged from the process of preparing for the future”.
The Florida-based company and its subsidiaries plan to advance plans to expand product offerings in the coming months and years with $65 million in “new and existing” financing from the company’s lenders and founders .
I am extremely grateful to our team for their tremendous efforts in getting us to where we are today. I also sincerely thank our customers, licensors, suppliers and partners in the more than 60 countries in which we operate for their unwavering support, which has been instrumental in achieving today’s positive and successful results. Our team looks forward to continuing to work with partners around the world to build our business and continue to bring our iconic, innovative and well-known brands to millions of consumers around the world.
According to Basic Fun!, the company’s sales are expected to increase by 30% annually in 2024.
The company said it met all financial obligations and kept the business operating normally during the restructuring process.
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