Solo Brands, an outdoor equipment brand, has been delisted from the New York Stock Exchange due to “abnormally low price” levels. The move follows a series of setbacks for the company, including a warning in its 10-K filing that it raises substantial doubt about its ability to continue as a going concern.
In 2024, Solo Brands incurred a net loss of $113.4 million and an accumulated deficit of $228.8 million, with net sales falling 8.1% over the period. The company is exploring operational improvements, including reducing its workforce and closing distribution centers.
Interim President and CEO John Larson has outlined a turnaround plan to return the company to profitability and growth, focusing on cost structure, marketing approach, pricing and promotion strategies, and creating a “metric-based culture” to track performance in real-time. The new strategy aims to make marketing more efficient and aligned with business goals.
Solo Brands’ financial struggles come after a high-profile brand partnership with rapper Snoop Dogg failed to boost sales, leading to the ouster of former CEO John Merris. The company is now working to refine its marketing approach and create a more efficient spend strategy.
Source: https://fortune.com/article/solo-stove-delisted-from-new-york-stock-exchange