Portland, Oregon, May 29, 2020 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Sortis Holdings, Inc. (SOHI), a Portland, Oregon-based alternative investment fund manager, has been a key driving force behind the rescue of iconic Seattle-area barbershop, Rudy’s Barbershop.
For over a quarter century, Rudy’s has been an important part of Seattle’s charm and soul, thanks to the vision and culture created by its co-founders, Wade Weigel and David Petersen. Rudy’s Barbershop has 25 shops around the United States, with 15 locations specifically in the Puget Sound area.
“When we founded Rudy’s Barbershop it was always about more than a haircut. It was a place for creative and social exploration. The spirit of Rudy’s culture, employees, customers, and community is all about having fun, celebrating who you are, and exploring who you could be. These are the parts of Rudy’s I am most excited to reconnect with,” noted Rudy’s co-founder Wade Weigel.
Like most small businesses, Rudy’s was not immune to the coronavirus outbreak and was forced to close as part of the country’s lockdown efforts to curtail the virus’s spread. This forced Rudy’s to file for bankruptcy protection in early April 2020.
Rudy’s co-founders contacted Sortis Holdings, as two distressed equity firms were looking to scoop up the iconic business in bankruptcy proceedings.
Sortis’ William “Butch” Bannon and Executive Chairman Paul Brenneke developed a strategy that beat out the two equity firms in bankruptcy court and allowed Rudy’s to once again be under the control of its original co-founders.
Rudy’s Barbershop’s immediate goals coming out of bankruptcy this week and looking forward include:
* To recapitalize the company and get Rudy’s back to business
* To create a safe environment for our employees and customers to get haircuts
* To implement a strategic plan focusing on preserving the Rudy’s culture while providing value and quality haircuts in a fun, inclusive environment.
“What intrigued us most beyond the investment itself was the opportunity to help preserve an iconic Seattle business and the culture it represented,” says Paul Brenneke, Executive Chairman of Sortis Holdings Inc. “It’s these small to mid-sized companies with unique visions and customer experiences that can thrive in a new era of retail post pandemic.”
The developments caught the attention of local media, particularly the Seattle Times, which ran a story on May 23, 2020, featuring Rudy’s rescue and Sortis’ role in the process. The article is entitled: “A dream come true: Original players rescue hipster chain Rudy’s Barbershop from Bankruptcy.”
To view the Seattle Times article, visit: https://www.seattletimes.com/business/local-business/a-dream-come-true-original-players-rescue-hipster-chain-rudys-barbershop-from-bankruptcy/
For more information on Sortis Holdings and its fund offerings, please visit https://sortis.com/funds/.
About Sortis Holdings, Inc.
Sortis Holdings (SOHI) is an investment firm with a primary focus on real estate, both as a lender and as a direct investor. From its origins as a bank holding company, Sortis has evolved into a diversified firm that both lends and opportunistically invests in real estate, with a focus on the Western U.S. Since real estate and financial markets are constantly evolving, the firm’s ability to move between asset classes and positions in the capital stack makes it nimbler than its competitors. In 2017, Sortis merged in a loan/real estate acquisition and disposition platform and team that began in 2008 that successfully transitioned over a billion dollars in distressed real estate loans and assets. Sortis is also a developer of real estate through its affiliate companies. Operating under the principles of client focus, integrity, hard work and creativity, Sortis Holdings provides its accredited investors with well-managed, diverse asset-based investment strategies. Learn more at sortis.com.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Sortis Holdings, its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Sortis Holdings’ ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Sortis Holdings’ and Sortis Income Fund’s disclosure documents and filings.
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