Home / Knowledge / News / Apparel/Garments / MVBY removes 70% of corporate debt from balance sheet
MVBY removes 70% of corporate debt from balance sheet
19
Jan '08
My Vintage Baby Inc announced that its founding investors and directors have forgiven $565,455 in principal and interest debt owed to its organization.

This debt compromised the initial working capital that the founders loaned the company at its inception in 2001. In a separate action, the Company announced the repayment of $224,000 in short-term debt.

These two actions remove 70% of the company's current balance sheet debt. The founders Jessica Wiswall, CEO, and Lisa Welsh, VP, maintain their current equity position in the company compromising 51% of the total shares on record as of September 30, 2007.

Commenting, Ms. Wiswall stated, “We believe in our company and are thrilled with the progress made in 2007. The stage is set for big growth ahead and we wanted to remove any debt overhang from us that might slow this progress. Our faith in MVBY, our customers, and our designs is best demonstrated by our actions – putting ourselves on equal footing with our fellow MVBY shareholders.”

My Vintage Baby Inc

Must ReadView All

Mango vice-chairman and member of the board of directors Daniel Lopez (L) with Ananth Narayanan, CEO, Myntra & Jabong. Courtesy: Myntra

Apparel/Garments | On 23rd Feb 2017

Mango gives distribution & management rights to Myntra

Mango, the Spanish fast fashion brand, has awarded its master...

Textiles | On 23rd Feb 2017

Incentives would spur jobs: New ASSOCHAM president

Further incentives for investment into manufacturing, IT,...

Information Technology | On 23rd Feb 2017

Lectra unveils supply chain programme for fashion industry

Lectra, the world leader in integrated technology solutions dedicated ...

Interviews View All

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search