The Center for Autism and Related Disorders was worth $600 million when Doreen Granpeesheh sold it to Blackstone in 2016 for a big payout. On Wednesday, she received court approval to repurchase the now-bankrupt firm for less than $50 million—and has nascent plans to “turn it around.”
of at least $160 million but lost $82 million. Granpeesheh says she’s willing to put up additional personal funds, much of which came from CARD’s 2018 sale, to keep the company going.
"Not only does [CARD] provide jobs and fill a spot in the market, it also provides a very valuable service to a segment of our population that needs help,” Jones said in Wednesday’s hearing. He also said he was pleased with how quickly and smoothly proceedings have gone so far and expressed surprise that the auction had managed to double CARD’s original sale price.
Between now and when she takes over again on August 25, Granpeesheh and Pant say they will interview the approximately 200 corporate employees to decide “who’s staying with us,” she says, while stressing that she plans to keep all clinic-based staff. They will also review all of CARD’s vendor contracts and decide which to keep, hoping to “reduce expenses as much as possible.”
She plans to spend the next year flying around the country to visit every CARD location in person and talk to employees about what challenges they’re facing. Additionally, she plans to reinstate the weekly “CEO call” she used to hold, where anyone in the company can join and ask questions—although she stresses she doesn’t yet know what her title will be this time around: “I just want to talk to people, listen and explain things.
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