Key Experience
Marbles: The Brain Store
The Brain Store was a developer, wholesaler and retailer of toys and games with more than 40 stores across the country. As private equity invested capital in the business and assumed majority control, Michael was recruited as COO/CFO. During his tenure, he improved systems and controls, introduced key performance metrics and revamped inventory management procedures. Michael also managed the company’s initial foray into international wholesale for its proprietary products. As Marbles was caught up in the downturn of “brick & mortar” retail, he evaluated alternative paths with management, investors and other stakeholders and determined that a Chapter 11 reorganization would best resolve the myriad of issues facing the company. Subsequent to the bankruptcy filing, Michael served as CEO/CRO, providing the highest possible returns to the company’s creditors.
Cobra Electronics
Cobra Electronics Corporation was a $130 million revenue publicly-traded developer and distributor of consumer electronics, including Citizen’s Band radios and radar detectors. Michael was recruited to join Cobra as CFO while serving as the company’s investment banker and overseeing its acquisition strategy. As CFO, he directed the company’s successful efforts to comply with the Sarbanes-Oxley Act, including the implementation of new financial systems. Michael also served as the principal negotiator of Cobra’s acquisition of a UK-based consumer electronics company.
Lester B. Knight
Lester B. Knight was a preeminent engineering company located in Chicago with global operations. As a Managing Director with Mesirow Financial’ s Corporate Finance practice, Michael led the effort to sell the company. After a competitive bidding process, the company was sold to M + W Zander Group of Stuttgart, Germany.
Northwest Racquet, Swim and Health Clubs
Northwest Racquet, Swim and Health Clubs was a multi-unit health club chain located in the Minneapolis-St. Paul area. As a Managing Director with Buccino & Associates, Michael led a turnaround engagement to drive improved financial performance. Subsequently, Michael was retained to represent the principals in the sale of the business. Discussions with both strategic and financial buyers led to a sale to a private equity firm as a platform company.
Skidmore, Owings & Merrill
Skidmore Owings & Merrill is a global architecture and engineering firm. As the high-rise market stalled in the early 1990’s, the firm experienced financial challenges and Buccino & Associates was engaged to manage a turnaround effort. Michael led the Buccino team in a successful downsizing of the firm and the restructuring of its obligations. The firm remains one of the preeminent architectural firms in the world.
The Children’s Place
The Children’s Place Retail Stores is a specialty retailer of children’s clothing. Michael led the Buccino team to evaluate operations and financial performance. Key actions included closing negative contribution stores, restructuring the company’s senior debt and negotiating with all creditors on a consensual out-of-court restructuring. The company subsequently grew into the dominant specialty retailer of children’s clothing and had a successful public offering.