Staffieri continued, "In light of the most recent trends and the current retail environment, the Company has implemented a corporate restructuring that will achieve significant annualized expense savings."
"In addition, the Company's principal investors, RonHow, LLC, an entity controlled by Ronald de Waal and W. Howard Lester, have verbally agreed to provide the Company with additional working capital of $3.8 million through the existing subordinated debt facility. Details of this funding are being finalized and are expected to conclude within the next 30 days."
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