Nogin Initiates Strategic Financial Restructuring; Operations to Continue Uninterrupted
NEW YORK, Dec. 06, 2023 (GLOBE NEWSWIRE) — Nogin (Nasdaq:NOGN, NOGNW), a pioneer in Commerce-as-a-Service (CaaS) ecommerce technology and services, today announced it has entered Chapter 11 bankruptcy proceedings in combination with a stalking horse bid and Debtor in Possession (DIP) financing provided by B. Riley Financial, Inc. This support provides for Nogin’s sustained operations through the restructuring and its emergence from the Chapter 11 process. B. Riley is a noted investor in the technology, consumer products and retail industries and has been exposed to Nogin and the value provided to their customers through its investments in Hurley, Bebe, Brookstone, Scotch & Soda and Justice brands. This move is part of a restructuring plan aimed at reinforcing the company’s financial stability and fostering future growth and innovation.