The $24 million debtor-in-possession financing will provide the company with the necessary liquidity to continue operating in the ordinary course as it pursues a swift, value-maximizing sale process.
The company said it proactively increased efficiency across its business and continues to implement cost control measures that, when paired with strong order momentum,will provide a strong foundation for growth for the remainder of the year and beyond.
The company said it faced macroeconomic headwinds from inflation and a shift in consumer spending to travel and leisure this year compared to stimulus and nesting spending in the first quarter of 2021.
More than two-thirds of companies surveyed said they are anticipating this will be a good or very good year, and that demand for their services will continue to increase.
At the Fuse Alliance 2022 annual conference, leaders from EF Contract, J+J Floors, Mohawk Group, Schönox, Taylor Adhesives, Teknoflor and Tarkett shared insight on what to expect in commercial flooring in 2022.
While many economists expect inflation to moderate over the course of 2022, as of now, there is effectively no relief in sight for the nation’s contractors, according to Associated Builders and Contractors.
