The CE designer and marketer announced Thursday that it has reduced its total debt by 22 percent, paring $75 million from its deficit in the last fiscal year. That leaves $267 million in debt for the company, which designs speakers, accessories and other products for the Polk Audio and Definitive Technologies brands, among several others.
“Our revenue and efficient use of working capital generated the cash flow necessary to pay off a meaningful portion of our long-term debt,” said Jim Minarik, the company’s president and CEO.
Directed plans to continue keeping investors up to date on its progress in paying down the debt.
What do you think about this news? Talk about it in the CustomRetailer forums.