Re: Gaspari files for Chapter 11 bankruptcy and gets investment from Allegro
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It's true, they are bankrupt...
“After careful consideration of our options, we believe that Chapter 11 is a necessary step to create a solid foundation for future growth and success of Gaspari Nutrition, Inc.,” stated Rich Gaspari. As a part of the restructuring process, Gaspari Nutrition is negotiating a new line of credit to provide ample funds for working capital until the investment by Allegro is complete. “We are operating and plan to continue manufacturing those quality products which our customers have come to expect from us. After the investment is complete, we intend to introduce new products to provide our customers with the most innovative product offering in the industry. Our success as a company is largely due to the hard work and dedication of our employees, the great customer relationships we have built over our history, and the vendor partnerships we have forged.” said Gaspari. “This step is being taken in order to ensure that our company is able to effectively serve these loyal customers for years to come.”
