Thrasio Emerges from Chapter 11 and Announces New Leadership

NEW YORK, June 18, 2024 /PRNewswire/ -- Thrasio announces its successful emergence from Chapter 11 bankruptcy, unveiling a path forward under new leadership. The revitalized Thrasio will prioritize its top-performing brands with a focus on profitability as a consumer goods company.

The company also announces the appointment of Stephanie Fox, previously COO and employee #1 at Thrasio, as Chief Executive Officer, and a Director of the company, effective today. This follows the prior announcement that Greg Greeley will step down as CEO and Board Chair upon completion of its global restructuring.

Greg Greeley said: "The team has taken tremendous steps these past eighteen months to put the company on the trajectory for success. As Thrasio emerges from Chapter 11, the company is well positioned to successfully grow its brands and delight its customers. Stephanie's practical experience with Amazon sellers and e-commerce entrepreneurship combined with her deep understanding of Thrasio's operational strengths make her ideally suited to lead the company's revitalization."

Under Fox, Thrasio will concentrate on its leading brands with a loyal customer base and potential for product and channel expansion. This focus includes top-performers like The Hate Stains Co. stain removers which has grown over 100% in the last year under Thrasio's leadership and Angry Orange pet deodorizer which has achieved 21X top line growth since acquisition. Additionally, brands including breakouts ChomChom pet hair remover and Nippies bra alternative are thriving on TikTok Shop, top e-commerce sites, and more than 40,000 storefronts, demonstrating Thrasio's reach beyond its Amazon origins.

"I am thrilled to lead Thrasio into this next phase," says Fox. "We are emerging from Chapter 11 with a clean balance sheet, fresh capital, and a renewed focus on our core business of building brands. I have been with Thrasio since day one, and remain as excited about the opportunity ahead now as I was in 2018. Our team brings deep expertise in Amazon, e-commerce, and brand development, and we boast a portfolio of beloved brands that continue to thrive both on and off Amazon. Over the past five years, we have matured and evolved significantly, and in this next chapter we will be laser focused on profitability and sustainable growth. With the right team, systems, and controls in place, we are well-positioned to lead in this space."

Thrasio's emergence from Chapter 11 marks a pivotal moment, underscored by significant financial and operational improvements:

• Deliberate Bankruptcy Process: Thrasio voluntarily entered Chapter 11 with a well-defined reorganization plan that was widely supported by its lenders. Ultimately, overwhelming support for Thrasio's reorganization—over 99% of all stakeholders who participated in the process—enabled Thrasio to complete its process expeditiously.
• Enhanced Financial Position: The restructuring has left Thrasio financially stronger, with a clean balance sheet, reduced debt, and an infusion of $90 million in fresh capital.
• Focused Growth Strategy: Thrasio's approach will be to streamline its portfolio to concentrate on its best-performing brands and core categories ensuring a focus on delivering superior customer experiences and innovative product offerings.
• Established Market Share: Thrasio products are found in over 80 million households, and Thrasio estimates that 1 in 2 US homes has purchased a Thrasio product in the last three years.

About Thrasio

Thrasio is a next-generation consumer goods company committed to offering superior products that enhance everyday life. Thrasio.com

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SOURCE Thrasio