Restructured and implemented cash flow efficiencies for specialty furniture importer
Harney Partners was engaged to improve the reporting of the cash available to an established specialty furniture importer that supplied furniture to big box retailers. In 2021, following the COVID-19 pandemic, the company’s suppliers in China and far east Asia were unable to meet supply demands. These orders arrived late in early 2022 causing the company to have decreased demands and a significant operating loss in 2022. The lender, a large national bank, notified the company of covenant defaults and restricted the funding available to the company.