Spectrum not selling pets supply business
July 14th, 2008 Posted in Pet GamesDespite efforts to force through the sale of its global pets supply business, Spectrum Brands said Monday it has scrapped that plan one originally billed as pivotal to its turnaround.
The company sought to convince its senior lenders the deal was the best strategy for the company, but those lenders, whose approval was needed to cement the sale, said no.
“We will therefore continue to operate the global pet supply business and work to capture the strong market potential we see there,” Kent Hussey, Spectrum Brands’ chief executive, said in a statement. “Our board and management team remain committed to finding and executing appropriate alternatives for reducing the indebtedness of the company.”
It’s unclear what alternatives the company is pursuing or what options it has left. A Spectrum Brands spokeswoman said Hussey would not comment beyond the official statement.
Management recognizes the urgency of doing something to get Spectrum Brands back on track, he said, but “for now there’s no deadline here that these guys have to sell something by,” Altobello said.
Tags: lear, Pet, Pet Supply, pets, spokeswomanRelated posts
Tags: lear, Pet, Pet Supply, pets, spokeswoman
