SUMR Brands highlights turnaround efforts, including reverse stock split

SUMR BRANDS Interim CEO Stuart Noyes has highlighted turnaround efforts at the company since his assumption of the role roughly one month ago.
SUMR BRANDS Interim CEO Stuart Noyes has highlighted turnaround efforts at the company since his assumption of the role roughly one month ago.

WOONSOCKET – Summer Infant Inc., now doing business as SUMR Brands, issued a notice Tuesday that highlighted its progress in efforts to “improving long-term financial results.”

The company said it had received tariff exclusions for a key product line and therefore anticipates savings as well as reimbursement from previously paid tariffs. The company also noted optimism over the United States-China trade war.

Interim CEO Stuart Noyes also noted that the company is preparing for a pending reverse stock split, as part of its efforts to avoid being delisted on the NASDAQ due to a sustained low share price.

“Having now been at SUMR Brands just over a month, I am pleased to say that the company is moving forward on a number of fronts to address our growth outlook, margins and cash flow,” said Noyes.

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“The company itself remains dedicated to cutting costs, improving product differentiation, and looking to unlock value for our shareholders through various strategic initiatives,” he added. “In addition, we are encouraged by the stable tariff outlook and the recent tariff exemption for one of our important product categories – both positive developments.”

Noyes came into the company following the departure of CEO Mark Messner. Noyes is a cofounder of Winter Harbor LLC, a firm that specializes in turnaround and restructuring services.

SUMR Brands’ operations were significantly impacted by the closure of Toys R Us and Babies R Us in 2018.

Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.

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