Ascendia Brands/Lander Co. Inc. (ASCB), 100 American Metro Boulevard, Suite 108, Hamilton 08619; 609-219-0930; fax, 609-219-1238. Douglas A. Booth, chief restructuring officer. www.ascendiabrands.com.
Ascendia Brands, manufacturer of Mr. Bubble bubble bath, has filed for bankruptcy protection as it seeks a buyer. It has also accepted the resignation of its CEO, Steven Scheyer, and replaced him with Douglas Booth of Carl Marks, who has taken the title of chief restructuring officer.
The company, which makes a variety of health and beauty products in addition to Mr. Bubble, said on November 9 that it was looking for ways to raise capital and reduce expenditures and that it had retained New York City-based Carl Marks to provide financial, operating, and restructuring advisory services.
On July 14, Ascendia, which has a facility in Binghamton, New York, in addition to its headquarters in Hamilton, had a mass lay off, according to the Binghamton Press & Sun Bulletin.
Ascendia was formed fairly recently, but its origins reach back to 1920 when its corporate ancestor, the Lander Company, was founded. In 2005, Lander merged with Cenuco Inc., a company that was involved in developing wireless and Internet based live streaming video and other targeted content.
In November, 2005, Lander acquired a number of brands from Playtex, including Baby Magic, Mr. Bubble, and Binaca.
In 2006 Lander changed its corporate name to Ascendia Brands Inc. Earlier this year, the wireless business was dropped, and Ascendia acquired more beauty product brands, from Coty.
In announcing the bankruptcy filing, Ascendia said that it follows “an extensive review by management and the board of alternatives to address financial pressures from tightening credit markets, strain on material flows, and the liquidity impact associated with its Healing Garden re-launch.”
