Following the news that Basic Fun! is restructuring through a court-supervised process in Delaware, CEO and majority shareholder Jay Foreman got in touch with The Toy Book to share some insight into the situation, what caused it, and the strength of the company looking ahead.
A Note from Jay Foreman:
“Many of those in our industry might be seeing the news about an event taking place around Basic Fun. Like some old houses, some are for knocking down and some have great bones and just need a new roof and some paint. Basic Fun has great bones! We have a solid foundation and we have the means to fix our roof and put a new coat of paint on the walls, not to mention a new game room! We have great people and amazing licensing and vendor partners standing with us as we are poised to have an amazing year led by Littlest Pet Shop and anchor classic lines like Care Bears, Tonka, and Lite-Brite.
As you can imagine for someone who has had a lot of success in this business over many years, having to admit you need to take a step back to take a step forward is humbling for sure.
To be honest, this business has been humbling many of us from the biggest to the smallest and many like us in between. Toys ‘R’ Us going down, COVID-19, and the supply chain brought many to the brink and some beyond. And some recognized when they needed a little help and some adjusting. Basic Fun needed a little adjusting and that is why we initiated a restructuring on Friday. The fact that this process is done through a bankruptcy court is unfortunate when you are not bankrupt and we are not. We are solvent, capitalized, and open for business.
Anyone who does business with me and with our company knows we are as hard-working and dedicated as any in the industry. We tell it like it is, are fast to market, creative, and deliver great products at a great value and we will continue undaunted and uninterrupted.
Many of my friends and colleagues in the business have checked in to see how I’m doing and how the company is doing and I very much appreciate that and thank you. I’m fine and we’re fine. I try to always do the right thing, treat people well, and dedicate myself to my company, partners, and this industry. That’s my brand and the support I’ve been getting is testimony to doing the right thing.
As I said we are not skipping a beat, have fresh capital to deliver our year, to grow, and even to find new businesses to acquire if we find a good fit. I’ll keep those that follow my blog posted on how things are going. I can assure anyone who cares or is interested that this will be not just a good story and outcome but a great one. Watch this space!
Jay”
The post Basic Fun! CEO Jay Foreman Comments on Restructuring appeared first on The Toy Book.
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