1/17/17 Recap: Sun Capital owned multi-channel retailer with 250 locations (down from a peak of 750) filed for bankruptcy to continue its Hilco-assisted liquidation and sell its IP and e-commerce channel for a proposed ~$25.5mm sum to Sycamore Partners. Looks like some "A Malls" owned by Simon Property Group and GGP Limited Partnership just got nicked.
Jurisdiction: D. of Delaware
Capital Structure: $50mm RCF (unfunded, BofA), $13.4 TL (Cerberus Business Finance LLC)
Company Professionals:
Legal: Klehr Harrison Harvey Branzburg LLP (Domenic Pacitti, Michael Yurkewicz)
12/5/16 Recap: E-commerce retailer funded to the tune of $52mm that is now almost certainly completely wiped out filed for bankruptcy in response to an involuntary filing by three creditors owed $300+k on account of goods sold. Despite being named after a URL, the URL is no longer active and so we can't even see what kind of fancy wares they had (tried) to sell.
11/14/16 Recap: Large US-based apparel manufacturer and retailer with 193 total stores files for bankruptcy - months, uh, after emerging from bankruptcy. Company filed with a $30mm DIP proposal from Encina Business Credit LLC. Plan is to sell (for parts) expeditiously to Gilden Activewear SRL for $66mm (IP, remaining wholesale inventory and wholesale POs during restructuring).
Jurisdiction: D. of Delaware
Capital Structure: $215mm of funded debt ($90mm DIP-rolled-into-TL-exit + $82mm of additional financing) & $15mm unsecured UK facility (Standard General)
Company Professionals:
Legal: Jones Day LLP (Carl Black, Scott Greenberg, Michael J. Cohen, Erin Brady, Stacey Corr-Irvine, Genna Ghaul, Christpher Lovrien) & (local) PachulskiStang Ziehl & Jones LLP (Laura Davis Jones, James O'Neill, Joseph Mulvihill)
Financial Advisor: Berkeley Research Group LLC (Mark Weinsten, Joseph D'Ascoli) & FTI Consulting (Andrew Hinkelman, Chuck Goad, Adam Saltzman, Frank Marshall, William Breashears, Zach Contreras)
Claims Consultants: Resources Global Professionals (Thora Thoroddsen, Evelyne Anglade, Scott Ashcraft, Luis Barreda, Sharon Dannewitz, Yolanda Hoelscher, Rodney Teruya)
Lead Lenders & Equityholders: Monarch Alternative Capital LP, Coliseum Capital Management LLC, Goldman Sachs Asset Management LP, Pentwater Capital Management LP, Standard General.
Legal (except Standard General): Milbank Tweed (Gerard Uzzi, Eric Stodola) & (local) Fox Rothschild (Jeffrey Schlerf, L. John Bird)
Legal (Standard General): Debevoise & Plimpton LLP (Natasha Labovitz, Shannon Rose Selden, Craig Bruens, Erica Weisgerber) & (local) Young Conaway (Edmon Morton, Joseph Barry)
Largest Unsecured Creditors: Standard General, FTI Consulting, Moelis, Garden City Group
Unsecured Creditors' Committee:
Legal: Cooley LLP (Cathy Hershcopf, Seth Van Aalten, Robert Winning, Sarah Carnes, Michael Klein, Max Schlan) & (local) Bayard PA (Justin Alberto, Evan Miller, Gregory Flasser)
Financial Advisor: Emerald Capital Advisors (John Madden, Ryan O'Sullivan, Lawrence Jacobs, Christopher Moffatt, Jack Allen, Christopher Saitta, Daniel Pace, Ryan Feulner)
11/09/16 Recap: Austin-based outdoor gear and apparel retailer with 10 retail stores and an e-commerce presence files for bankruptcy. Blames changing shopping trends and consumer behavior and pressure from e-commerce (cough, Amazon) and bigbox retailers and onerous leases for need to restructure (under $3mm DIP).
Jurisdiction: N.D. of Texas
Capital Structure: $65mm RCF
Company Professionals:
Legal: Kelly Hart & Hallman LLP (Michael McConnell, Nancy Ribaudo)
11/9/16 Recap: Sophia Amoruso's provocative female-fashion e-commerce retailer with two California brick-and-mortar locations collapses under the weight of its own growth, global currency effects, and the inability to tap capital markets given depressed valuations for retailers, generally, and e-commerce businesses, specifically, and files for bankruptcy to delever its balance sheet. There is no stalking horse bidder for the assets. 87% of its revenues are from e-commerce. The company had at least $65mm of venture capital funding (Index Ventures, Ron Johnson).
Jurisdiction: C.D. of California
Capital Structure: $15mm secured debt (Hercules Technology Growth Capital Inc.), $5mm unsecured convertible bridge loan (at 3x liquidation preference)(Stamos & Johnson Fund I, LLP)
Company Professionals:
Legal: Robins Kaplan LLP (Scott Gautier, Lorie Ball, Kevin Meek)
Investment Banker: Peter J. Soloman Company
Claims Agent: Rust Consulting/Omni Bankruptcy (*click on company name for docket)
11/1/16 Recap: E-commerce provider of concierge-based virtual shopping experiences files for bankruptcy to achieve a balance sheet restructuring via sale of the business to proposed stalking horse bidder, Derby SPV Inc.
