Barry secures financing
The financially troubled R.G. Barry Corp. of Pinkerington, OH, has a new CEO and new line of credit to keep the company operating. Named CEO was Thomas von Lehman, who joined the company from the Meridien Group, an investment bank and consulting company. He succeeds Gordon Zack who has stepped down.
The company has also signed a three-year $35 million line of credit, which will keep the noted slipper manufacturer in operation. The company employs some 125 people and produces slippers under the Dearfoams and EZfeet brands. The company ran into financial trouble when it discontinued its sewing operation in Laredo, Mexico, and while the company has yet to report its fourth quarter earnings, it was noted that sales of some of its retail accounts were below expectations.
