November/December 2018
Feature Article
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Retailers Are Cutting Costs When They Should Be Spending to Survive
For much of the 20th century, Henri Bendel was one of the most innovative retailers in the world. It was the first retailer to spot Upper Fifth Avenue’s potential for affluent foot traffic, the first to offer an annual sale, the first to offer in-store makeovers, and the first to have its own fashion show. […]
More from this Issue
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Newcomers: November/December 2018
Alabama Dannelly J. Shelton, AEA Group LLC Sarah A. Stephens, Stephens Law Offices LLC Atlanta Britney Baker, King & Spalding LLP Miguel Cadavid, King & Spalding LLP Jack Dougherty, Emory University Drew Minner James C. Morgan Timothy F. Smith, Dixon Hughes Goodman LLP California – Northern Jon Comeau, California Bank & Trust California – Southern Jerry Elliott, […] -
Milestones
Tom Buck, CTP, has joined GlassRatner Advisory & Capital Group LLC, a wholly owned subsidiary of B. Riley Financial, as a principal and member of the Bankruptcy & Restructuring practice. He oversees operations in the firm’s New York office. With 20 years of experience advising companies, lenders, and creditors, Buck was most recently a principal […] -
2018 TMA Awards
TMA honors excellence through its annual awards program, which recognizes achievements in the categories listed in this issue, plus more. The following awards were presented at The 2018 TMA Annual in Colorado Springs, CO, on September 27. TURNAROUNDS AND TRANSACTIONS OF THE YEAR Transaction of the Year: Mega Company | Avaya, Inc. Santa Clara, California-based […] -
TMA Talks
Welcome to the first TMA Talks, a regular series of podcasts hosted by TMA Global CEO Scott Y. Stuart, Esq. Each segment will feature prominent TMA members, industry experts, and other special guests. These exchanges will offer insights into key markets, forward-thinking economic outlooks, insider thoughts on industry trends, and much more. Each podcast will […] -
Joseph L. Schwartz: Jersey Boy
Joseph L. Schwartz is a partner with Riker Danzig Scherer Hyland Perretti LLP and head of the firm’s Bankruptcy and Reorganization Group. He concentrates in all facets of restructuring, insolvency law, and complex bankruptcy and commercial litigation. Over the past few years, Schwartz has represented a number of Chapter 11 debtors. During his career, the […] -
Brexit, Insolvency, and Restructuring in the U.K.
Post-Brexit, how would creditors in the U.K. retrieve assets that had been transferred to Europe? How would creditors recover debts from European Union (EU) companies that are insolvent? This article looks at how the European Regulation on Insolvency Proceedings (EIR) and recognition of insolvency judgments, as well as schemes of arrangement, will be impacted by […] -
Brexit: Planning for after a ‘Black Swan’ Event
Some dreamed of it and others dreaded it, but nobody actually expected the Brexit referendum result. As such, politicians and business leaders seemed unprepared for the negotiations and practicalities of Britain’s exit from the European Union. Nassim Taleb wrote in “Black Swan” (part of his Incerto series) about unexpected, rare events that are hard or […] -
Balancing Tangible, Intangible Asset Values in Chapter 11 Retail Restructurings
It should come as no surprise to turnaround professionals or even casual readers that the retail industry is in a state of transition. However, contrary to the popular refrain, this transition does not signal that brick-and-mortar retail is dead, nor is it in the midst of an apocalypse. The retail industry is evolving to respond […] -
Retail Bankruptcies: Threading the Needle in a Tattered Industry
The U.S. retail industry is tattered and torn, and Chapter 11 continues to be an inevitable ending for many distressed retailers struggling in the post-Amazon world. Indeed, despite the recent uptick in the U.S. economy, retailer woes have continued unabated, with sales for many continuing to suffer despite wage improvements and the stock market’s upward […] -
Double Trouble: Issues Arising from Split ABL/Term Loan Collateral Silos
To minimize their financing costs, retail companies commonly provide ABL lenders and term loan lenders with senior liens over separate silos of collateral. Typically, the ABL lenders have priority liens over the company’s borrowing base assets—most commonly current assets, such as receivables and inventory—and subordinated liens over the borrower’s remaining assets—most commonly fixed assets, such […] -
Did ‘Jevic’ Doom Future Chapter 11 Recovery Efforts by Unsecured Creditors?
A majority of today’s large Chapter 11 cases are structured as quick Section 363 sales of all the debtor’s assets followed by confirmation of a plan of liquidation, dismissal of the case, or a conversion to a Chapter 7. The purchaser in the sale is often one of the debtor’s prepetition secured or undersecured lenders, which […] -
Financing Techniques to Enhance Creditors’ Protections in Retail Bankruptcy Cases
It cannot really be debated that the Four Horsemen of the “retail apocalypse” have arrived and are comfortably hanging around the nation’s shopping districts. Dozens of retailers filed for bankruptcy in recent memory, including Bon-Ton, Claire’s, Gibson Brands, and Brookstone, with more on the bankruptcy watch list. With many recognized names liquidating through bankruptcy, perhaps […] -
Retailers Are Cutting Costs When They Should Be Spending to Survive
For much of the 20th century, Henri Bendel was one of the most innovative retailers in the world. It was the first retailer to spot Upper Fifth Avenue’s potential for affluent foot traffic, the first to offer an annual sale, the first to offer in-store makeovers, and the first to have its own fashion show. […] -
Key Considerations in Distressed Retail Engagements
I’m honored to have been selected as chair of the Editorial Advisory Board starting in 2019. Together with our new CEO, Scott Stuart, and Editor Eddy McNeil, we’re planning some innovative changes to the JCR that should provide a lot value to our membership and continue to position us as the premier member-focused periodical in […] -
The First 100 Days: Unleashing the Power of the Big Tent
My first 100 days as CEO of TMA have been storied. With each person I touch, each chapter I visit, and each initiative we roll out, I am reminded of the power of the Big Tent that is TMA. It is strong, and it is growing. I continue to be motivated and inspired by the […]
Snapshot Article
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