Despite its well–publicized struggles, SoCal retailer MedMen still has one of the most recognizable brands of the legalization era. Can the company recover? L.A. Business Journal takes a look now that turnaround specialist Tom Lynch, recently promoted from interim to permanent CEO, is at the helm.
- “Lynch already has refinanced debt at lower interest rates, cut expenses, sold assets and begun to inch forward with expanding MedMen’s retail footprint in [key markets] like West Hollywood, Arizona, Illinois and Florida.”
Lynch earned his reputation restructuring companies like Frederick’s of Hollywood and David’s Bridal.
Still there’s a long way to go:
- “A regulatory filing in Canada revealed that the company could be up for sale. As recently as March, MedMen’s management raised concerns in its filings that it may not have the cash to pay its bills.”
As part of his compensation, Lynch received more than 100,000 stock options in MedMen. Shares currently trade around 25 cents.
- He declined to be interviewed for the L.A. Business Journal story.