TMRG, a prominent UK-based publishing company, expanded into the U.S. market in 2010 creating a separate corporate entity. The new U.S. company’s primary business became the creation and publishing of show guides for major U.S. events. In exchange for the exclusive rights to distribute these show guides, the company sold advertisements within the guides as its primary means of revenue generation.
At the time Hilco Performance Solutions (HPS) was engaged, widespread cancellation of events driven by COVID-19 stay at home orders and restrictions had resulted in the business’s demise with all contracts for customer events placed on hold indefinitely.
- HPS negotiated settlement and separation agreements with senior executives
- We settled all outstanding staff commissions and earnings
- Our team coordinated provision of COBRA insurance coverage for terminated staff members and developed supporting documentation for those terminations
- HPS managed the settlement and termination of all supplier agreements: leases, insurance policies, utilities, publishing software, payroll support etc.
- Our team worked on-site to clean out and close the physical office location
- Collections: HPS Partnered with Hilco Receivables to collect outstanding AR balances
- Accounting: We cleared up all outdated accounting entries and coordinated final tax payment.
The sudden change in the business environment made it very difficult for some on the TRMG leadership team to accept the company’s new reality. As a result, HPS had to step in and drive the vision of an orderly shutdown. This involved our performance of certain activities that would normally have been managed by members of the leadership team.
Although the company’s partners would have hoped to keep their business alive and healthy, Hilco Performance Solutions was able to facilitate a highly efficient outcome by remaining neutral, focused and unwaveringly positive during a very sensitive time for everyone impacted by the unfortunate events that led to the business closure.