TLC-LC Inc., once known as TLC Beatrice International, a black-owned global conglomerate with revenues exceeding the billion-dollar mark, is tying up a few loose ends with an $18 million disbursement to stockholders as it continues to close out its 13-year run. The most recent disbursement, valued at $2 per share, is part of a liquidation plan that was approved by the company’s stockholders last year.
Since last summer, TLC-LC has liquidated more than $400 million in assets to pay stockholders. These include the sale of its Spanish and Canary Islands ice cream operations for about $181.5 million and its Irish snack food company, Tayto, for about $110 million.
“TLC will continue to distribute proceeds to shareholders as expeditiously as possible while keeping a prudent amount of cash on hand to handle any potential obligations,” says company spokesperson Butch Meily.
From 1997 to 1998, the company’s gross sales tumbled from $1.4 billion to $322 million. A series of events, including the death of founder and CEO Reginald F. Lewis in 1993, a European recession that cut into their sales and the sale of their top company, the French Food division, for about $573 million, brought about the company’s devaluation. TLC now consists of a lone Thailand-based small beverage operation called Bireley’s, which is also on the market.