The review could result in a “sale, recapitalization, or reorganization” of the beleaguered textile manufacturer. The company also announced the departure of CEO Sophie Boulanger, just eight weeks after she took the role. (The Logic)
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The review could result in a “sale, recapitalization, or reorganization” of the beleaguered textile manufacturer. The company also announced the departure of CEO Sophie Boulanger, just eight weeks after she took the role. (The Logic)
Talking point: The Montreal-headquartered company, known for the “rip-resistant” tights it sells under the Sheertex brand, has struggled to reach profitability. As part of the review it announced a third round of layoffs this year, though in a release the company said it hoped the latest round would be temporary. In May SRTX announced it was raising US$40 million in new investment in a deal that was conditional on Katherine Homuth stepping down as CEO. In a Linkedin post on Wednesday, Homuth said she has submitted a proposal that she hopes will provide “some amount of recovery” for the sales and production of the company she founded eight years ago. She added that her aim is to see through the long-term work she began at the company, but “without a lot of the baggage of the past.”
Correction: Homuth published her LinkedIn post on Wednesday, Oct. 29. This Briefing has been updated.
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