Decorize changes name to GuildMaster
Company also recapitalizes, has reverse stock split
Heath E. Combs -- Furniture Today, November 5, 2009
SPRINGFIELD, Mo. — Home furnishings and accent supplier Decorize Inc. has recapitalized and has changed its name to GuildMaster Inc.The company, which sells furnishings under the GuildMaster brand and online as decorize.com, said that changing the name allows it to capitalize on goodwill associated with the brand.
GuildMaster said it also recently shed more than $3 million in debt and all of its outstanding preferred stock in exchange for equity. Also, the company's board authorized a one-for-five reverse split of its common stock effective Wednesday, and the new stock began trading under the symbol GLDU.
GuildMaster said it also raised an additional $560,000 through the sale of common stock.
"The commitment shown by our shareholders through their willingness to participate in the recapitalization is a clear vote of confidence in the company's management team and our vertically integrated business model," said Steve Crowder, president and CEO.
This week, the company reported the first full-year profit since it was founded in 2000. GuildMaster posted net income of $9,000 in the fiscal year ended June 30, compared with a net loss of $585,000 last year. Operating income rose to $307,000 from $15,000 a year ago.
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