Publicly Held Specialty Apparel Retail Chain


Description: Private label apparel with over 50% of the product manufactured in Asia. The Company had embarked on a rapid expansion program increasing the store count by 50% over a three-year period and reaching revenue of $250M.

Challenge: Sales had declined by 25% during the previous year and the Company was forced to file for bankruptcy protection. The business had to be stabilized, creditors confidence restored and an acceptable plan of reorganization prepared. Unsecured Creditor claims amounted to approximately $60 Million.

Actions: Worked with Creditors and Vendors to restore confidence, prepared alternatives for a plan of reorganization. Managed the financial and related operations of the business.

 Results: A Plan of Reorganization was approved and the company successfully emerged from Chapter 11. Subsequent to the reorganization, the company experienced two consecutive years of more than 6% pretax profits. Creditors from the bankruptcy proceeding received a return in excess of their claim value and pre-petition equity holders realized value from their holdings. 


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