Tabar Inc. was a market leading designer and importer of technically-advanced gloves for four seasons of sports, including skiing, snowboarding, cycling, power sports, hunting/fishing, and water sports. The Company also provides tactical hand-ware for specialty applications. Its customers included several of the most respected outdoors sports brands, including Mountain Equipment Co-op, Outdoor Research, REI, EMS, Mountain Hardwear, Columbia, Saucony, and Eddie Bauer.
Following a challenging 2008, Tabar's lender, a New York-based money center bank, had a renewed focus on their collateral coverage and ratio requirements as a result of the credit crunch and moved Tabar to their special assets group.
Carter Morse & Mathias was hired by Tabar Inc. to review its operations and financial position, devise a strategy to better manage its immediate cash needs, and create a tactical plan to manage its seasonal working capital needs. As part of the plan, Carter Morse & Mathias served in a de facto CFO role for Tabar, and worked closely with management to negotiate a forbearance agreement, visited a number of key accounts to negotiate short term solutions, analyzed weekly cash flows, and helped execute the plan. Once over the seasonal peak, Carter Morse & Mathias led the discussions and negotiations with a number of potential lenders and ultimately closed a combination of new credit facilities with both the Purchase Order Finance Group and the Trade Capital divisions of Wells Fargo Capital Finance.
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