It’s hanging by its last thread.
Artistic Stitch, an 18-year-old Glendale business, is close to shutting its doors for good in 2014 because it ran into some financial hardships. Owner Sal Loretta could see Artistic Stitch going downhill, so he decided to seek help from a man known for saving dying businesses, Marcus Lemonis.
“It’s tough when the banks are tight on their loans, even when business is good,” Loretta said. “I [weighed] my options and decided to see if Marcus could help me amend my business with his expertise.”
Lemonis, a serial entrepreneur and host of the CNBC TV show “The Profit,” decided to come down to see whether his expertise would be able to help the business.
It won’t be an easy feat as Loretta racked up $1.5 million in debt.
This debt came about as a product of Artistic Stitch’s recent move to its current location.
Three years ago Loretta decided to expand his business. He moved his then-small business of custom embroidery and sign-making to a massive 28,000-square-foot warehouse, located at 79-08 Cooper Ave., where he added some new business ideas.
To fill up the space of the warehouse, Loretta added a sports complex and pizzeria. Since then, with the debt from business loans and other expenses, Loretta has been in the red with no relief in sight.
On this Tuesday’s episode of “The Profit,” on CNBC at 10 p.m., find out whether Lemonis was able to help Artistic Stitch become a viable business again.
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