Sam Ash Music Stores

Phase I – Assess the Business Performance / Liquidity Forecasting

• Developed a hibernated and post-hibernated liquidity forecast with the Company.
• Helped the Company apply for PPP loans, of which the Company received $10M.
• Successfully Negotiated on behalf of the Company with their payroll processor that was requiring significant reserves on the account given the impact of COVID-19.

Phase II – Development of a Restart Budget and GO-Forward Strategic Plan

• Performed a by-location performance and profitability review to identify any locations that the Company may look to exit. 
• Reviewed Corp G&A by person to identify opportunities to improve profitability and to better align with the expected sales of the business in a post-COVID operating environment. 
• Worked with the Company to develop a new staffing model that improve 4-Wall EBITDA by greater that $6M.
• Assisted management in developing strategies to continue to improve the long-term growth of the E-Commerce business.
• Used the findings from our review of the business and discussions with management to build a 2020 and 2021 strategic plan that was presented to the Company’s lenders.