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Atlantic International (ATLN) just unveiled an announcement.
Lyneer Staffing Solutions, a strategic staffing and workforce solutions firm, reported an increase in net service revenue for the first quarter of 2024, driven by higher temporary job demand. Despite this, the company’s gross profit declined due to selling lower margin business to retain and acquire new accounts. Lyneer’s operating expenses saw a modest increase, and the company faced a substantial rise in interest expense due to higher rates on its Revolver debt and additional interest on newly issued Earnout Notes. The company is negotiating to refinance its debt obligations and is exploring financing opportunities to improve flexibility. As Lyneer and its parent company IDC work to restructure or repay their joint and several debt obligations, there is substantial doubt about Lyneer’s ability to continue as a going concern for the next year.
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