Hospitality Staffing Solutions completes asset sale to private investment firm
The transaction allowed HSS to substantially reduce its outstanding indebtedness, shed certain legacy obligations and emerge with the strong financial backing of a new owner.
Rick Holliday, President and CEO, said, "Today is an exciting new day for our company and marks the final step in the plan we laid out last October. With the significant financial resources and backing of our new investor group, we are even better positioned to grow and continue to deliver the highest quality service to our valued customers across the country."
Rick Holliday continued, "I'd like to thank our team members for their tremendous hard work and commitment and our customers and partners for their continued support throughout the process. I look forward to working closely with our talented team members as we take the company to its next phase of growth and development."
Today's announcement also marks HSS's official emergence from Chapter 11. HSS voluntarily filed for Chapter 11 as part of a strategic move to facilitate the asset sale. Throughout the sales process, HSS has continued uninterrupted service to its customers.