June 25, 2009
Dear Retail Pro Customers,
We are pleased to inform you that, as planned, Retail Pro, Inc. has successfully completed the sale of its assets through the bankruptcy process, and a new company has emerged as a wholly-owned company of Valens Offshore SPV If, Corp., Laurus Master Fund, Ltd., and Midsummer Investments, Ltd.
We look forward to working together with you and our authorized Business Partner network to provide a higher level of service and product quality than ever before.
Our new owners are diversified financial institutions with approximately $1.5 billion USD in assets under management, which will provide an unprecedented level of financial stability and professional corporate governance. Effective immediately, our new name and corporate headquarters address is:
Retail Pro International, LLC
400 Plaza Drive
Folsom, CA 95630
(916) 605·7200
- The process we completed was an important and necessary step to ensure continued financial viability, and secure the confidence of our customers, authorized Business Partners, employees, strategic alliance partners and vendors regarding our long-term potential. Strategic benefits resulting from this process include:
Solid backing and a firm foundation. Retail Pro International is owned and backed by strategic investors with an asset base of approximately $1.5 Billion USD.
- Corporate overhead significantly reduced. As a private company, we will eliminate hundreds of thousands of dollars in annual public company expenses.
- Best practices for corporate governance remain. We will maintain a strong corporate compliance discipline, already ingrained in our culture, ensuring we continue to operate the new company using corporate best practices.
- Retail Pro product development continues at full strength and speed. We have maintained our focus on product development throughout the transition process with no reduction in our research and development investment. We continue to be on track with our Product Roadmap, announced at our global customer meeting last fall.
- Key management continuity in the new company. The customer-facing Sales and Technology employees you deal with regularly remain with the new company.
- Continued commitment to our global network of authorized Business Partners. Retail Pro International continues the promise of delivering world class solutions through our global network of authorized Business Partners.
- Continued customer and authorized Business Partner support excellence. Customers will continue to receive top notch support, from retail industry and technology experts, in their local language, time zones, and currencies, from their local Retail Pro authorized Business Partner.
- Strong corporate guidance. The Valens, Laurus, and Midsummer executive teams will provide experienced corporate oversight to ensure accountability, solid performance, and delivery on promises made to our constituents.
On behalf of the entire Retail Pro family, we want to express our sincere thanks to you, our customers, for your loyalty and commitment. Our investors, employees, and partners are excited about this new chapter for Retail Pro. Our incredible base of over 8,000 customers with more than 35,000 stores in over 40 countries worldwide is unmatched by any of our competitors. We are here to serve you, and hope you will feel free to contact me or any of us at any time.
Very Sincerely,
Ken Sapp
SVP Sales, Retail Pro International