Steven Alan was an innovative concept store that was an early adaptor to a curated lifestyle experience with an eye for emerging brands and European designers that would resonate with the US market.  Steven paved the way for many young designers / brands such as Isabel Murant, APC, Hope, Claire V.  Steven also transformed the men’s shirt market in the mid 2000’s with his innovative reverse seam design and was one of the first to collaborate with Iconic monoband labels such as LL Bean, Lee Jeans, Uniqlo, Nike, West Elm.  

By 2016 the business struggled due to rapid store expansion over the previous years that was not sustainable and an e-comm model that was not profitable to maintain with the margins and number of brands.  E-commerce had declined 70% in the previous two years. The company had negative EBITDA, was unable to keep current on payables and having trouble getting deliveries.  The investors wanted to exit the business and their company was facing possible bankruptcy. 

ODKSA swiftly assessed the situation and developed a strategy to negotiate the payables with a payment plan while rapidly cutting costs and overhead.  Next, ODKSA supported in negotiating a successful debt for equity swap with the investors and a divestment of the wholesale Steven Alan showroom business. Within six months the company was able to avoid bankruptcy, successfully exit the investor relationship to become wholly owned by Steven Alan and the subsidiary LLC’s.  The business continued on with a small base maintaining the brand and international licensing relationships in Japan and Korea that were highly successful.

Highlights include...

• Re-negotiated key leases and negotiated out of unproductive location leases, downsizing, and editing the business to the most productive locations and brands.
• Crafted a strategy to expand the Steven Alan own brand product which yielded favorable profit margins as the dominate product assortment while complimenting with niche curated brands. 
• Exited excess inventory via third party sample sales to generate cash.
• Negotiated an ABL loan giving Steven Alan the option to continue the business or downsize and wind down.
• Brought in an interim CFO to support the business and an outsource accounting firm that was able to standardize the bookkeeping, correct accounting inconsistencies and keep financials current.

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