A third-party logistics (3PL) provider to wine and spirits distributors serving the New York area was significantly impacted by the COVID shutdowns in NYC. Delivery volumes fell as customers sought new sales opportunities in other regions less affected by the shutdowns. Further, the company’s largest customer notified it that it was departing at the conclusion of its contract. Without significant modifications to the business plan, the company faced significant losses in 2022.
Novo was engaged by the company in October 2021.
Novo advised the company on managerial realignment, performance improvement, and data-driven analyses to right size the business to its new sales volume.
The company’s CFO was unable to provide analytical insight and its CEO was not privy to operational effectiveness and customer experience. The CFO was let go and Novo took over this role. The CEO was removed at the end of 2021, elevating the company’s COO into the role.
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