Steel Connect (STCN) Announces Disposition of IWCO
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Steel Connect Announces Disposition of IWCO
February 25, 2022 8:02 AM ESTSMYRNA, Tenn.--(BUSINESS WIRE)-- Steel Connect, Inc. (Steel Connect) (NASDAQ: STCN) today announced the full disposition of its wholly owned subsidiary, IWCO Direct Holdings, Inc. (IWCO), to an investor group led by affiliates of Cerberus Capital Management, L.P. (Cerberus), IWCOs senior secured lender.
Beginning in the second quarter of 2020, with the shutdown of the U.S. economy due to the COVID-19 pandemic, IWCOs business was significantly and adversely affected by a material reduction in customer mailing activities. Against this background, Steel Connect held extensive discussions with Cerberus about amending and... More
