ALSIP, IL — Universal Automotive said it is looking for a buyer for some or all of its businesses. For several months, the company has been working to make some positive changes in its business. In late February, the company announced it had hired turnaround firm The Parkland Group, to help return the company to profitability, in addition to hiring a communications firm to assist in the launch of a new market awareness campaign.
Now, Universal Automotive has appointed David Cesar, of The Parkland Group, as its chief restructuring officer. Cesar will be in charge of the company’s day-to-day operations and will head the sale and capital-raising efforts, under the direction of the company’s board of directors.
In connection with Cesar’s appointment, the company’s CEO Arvin Scott has agreed to step down from his post as chief executive. Scott will remain on the board of directors and will continue to be employed by the company. He will perform such services in connection with the sale and capital-raising efforts as the board may request from time to time.
For more information about Universal Automotive, go to: www.universalbrake.com.
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