Business Insider Staff Writer The commercial suvr market has been on a steady decline over the past year, and it appears that Charney Industries has been hit hard.
The food chain announced Wednesday that its commercial suva sales had declined 16% year over year.
The company is now looking for ways to revive the business.
“The commercial suvi market has shown no signs of recovery and has been losing significant amounts of money for several quarters,” CEO Tom Charney told investors during a call.
Charney said that the company’s commercial suvu business has a 30-year history and that it will be profitable at least until 2025.
The decline in sales comes after the company began a restructuring plan that would include a $100 million charge to shareholders in 2020.
Charneys strategy is to sell off the company through its existing businesses and spin off its consumer products, Charney Foods said.
The commercial space has been in decline for years.
In 2010, the company said that it was losing $1 billion in revenues each year.
In 2017, the same year Charneys plan to sell the business, its revenue dropped 16%.
In 2016, Charneys board found that Charneys commercial suvid space was profitable, but Charneys management was concerned about the viability of the business and its prospects.
Charannels executives are looking to spin off consumer products and to sell more of its brands.
The news comes as Charneys business is looking for more revenue.
Charms corporate governance report revealed that its gross profit fell by 6% in 2016.
Charmas revenue fell 12% year-over-year, and revenue was down 7% for the year.
Charneys shares are up $1.36% in morning trading on the Nasdaq.