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1024 Executive Parkway
Founded in St. Louis, Missouri in 1987, Resource One quickly established a national presence as a "sourcing agent" for multiple lines of private label food products. The 1980's truly represented a fundamental period of transition for private labels as the...
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But through it all Chen kept in communication with Resource One, the company that put Yihe in receivership last fall, and after many long conversations between Chen and Resource One's CEO Ed Cuccio, the two companies have partnered again, launching their rebranding of the "New Yihe" at the Seafood Expo North America in Boston.
However, the company experienced severe cash flow issues last year at the time it needed to procure raw materials for 2014, said Ed Cuccio, CEO of Resource One in St. Louis, the company whose claims put Yihe in receivership last fall.
Yihe and Resource One are now supply chain and retail-service partners.
The cash flow problems were a "direct result of Chinese banks tightening and changing their credit terms.
It affected a whole array of different businesses internationally," said Cuccio
"Nobody was left hanging," said Cuccio
and Klein declined to divulge any further financial information.
explained, the entire "middle tier" of the company, including the Seattle office, was shut down.
"One of the biggest differences now is that we have private financing," added Cuccio
, who had just returned from China for a visit with Junbin Yang, whose Fuhuang Group
manufactures steel structures, among a variety of other businesses.
"It's reduced our [dependence] on support from the banks."
said the "textbook" and "orderly" receivership process was done to save the company and ensure that Yihe
could make shipments from November through Lent, the company's prime sales period.
This, said Ed Cuccio, the CEO and founder of the St. Louis, Missouri-based Resource One, makes the business model of the 'New Yihe" more solid.
Despite past struggles with Yihe's finances, Resource One chairman and CEO Ed Cuccio speaks highly of Yihe, particularly for its industry connections.
has developed long-term relationships with many retailers based on their unquestioned quality and industry-leading prices," Cuccio
"Subsequently, all of its retail customers have benefited greatly from their participation in Yihe's
Harris House - Staff
Ed Cuccio, President
Executive Board of Directors