Carter Grandle dispels rumors
Staff -- Casual Living, 11/1/2006 12:00:00 AM
To dispel rumors in the industry about Carter Grandle's health, company principals held a conference call Oct. 20 with the sales force and issued a statement about the company's future.
They said in the past nine months Carter Grandle was hit by three major customers filing for Chapter 7 bankruptcy, resulting in losses of more than $1.5 million in revenue in addition to last year's rash of business failures in the marketplace that contributed to an additional $750,000 in lost revenue.
"The cost of raw materials over the past year has spiraled as well as the cost of manufacturing in the United States," said Webb Carter, CEO and chairman. "As a family business we consider our employees as an extension of our family and therefore pride ourselves on keeping jobs in America.
"It has not an easy task to sustain ourselves throughout these financially trying times, but we are here now and Carter Grandle is in business to stay," he said. "We are not shutting our doors."
Additional capital is now in the process of being secured through the Carter family real estate holdings, and should be in place within the next 30 to 45 days. This capital will allow production to return to its normal pace and get orders shipped in a timely fashion, and will make Carter Grandle financially stronger than it has ever been, Carter said.
The principals expressed sincere thanks and appreciation to its loyal dealers and said response to its new order entry has been positive.
"Carter Grandle has been in constant communication with all its vendors, in order to maintain our long-term relationships and to allow us to procure raw materials so that we can continue to manufacture and supply product," Carter said. "This has been met with positive reactions and has led to stronger partnerships.
"Despite the hurdles, we have to accentuate the positive and not dwell on the negative rumors. We look forward to a strong coming season with exciting new products and maintaining the standards to which we and our dealers are accustomed."
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