November/December 2019
More from this Issue
-
Retail Apocalypse? Don’t Buy It
On the heels of 5,864 retail store closures in 2018, at least 8,558 additional stores will close in 2019, a number that could climb as high as 12,000. While the media continues to describe this as a “retail apocalypse,” the fact remains that the U.S. still has much more retail square footage per capita than […] -
2019 Was Just the Beginning
As we near the end of 2019, a year of momentum in which we embraced important themes and executed on a vision, we pause to reflect on this year and the year to come for the TMA Big Tent. It started as the year of opportunity, during which we laid a foundation for a more […] -
Improving the TMA Membership Experience
I am writing this article while en route to Paris to attend TMA European chapter leaders’ meetings and the TMA UK Annual Conference in London. The uninterrupted time on my flight has given me an opportunity to reflect on the enriching experiences I have had this year proudly serving as TMA Global president. While my term […] -
Things Remembered: Purposeful Action in Distress
Store closures in the first six months of 2019 exceeded the number of brick-and-mortar stores that closed in all of 2018. In this “retail apocalypse,” overleveraged retailers often struggle to salvage a going concern reorganization or sale. As consumers continue to shift their purchases from brick-and-mortar stores to online retailers, the going concern outlook for […] -
Things Remembered: Navigating Rough Waters in Chapter 11
The retail industry continues to feel the pain of intense competitive pressure and challenging business dynamics. Changes in recent years have resulted in an unprecedented number of store closings and Chapter 11 filings, with many of the country’s most recognizable brands shutting down operations. Chapter 11 is obviously a difficult process and in many cases […] -
Things Remembered: Optimizing A Difficult Sale Process
The current M&A environment for distressed retailers is as tough as it gets when it comes to completing going concern transactions. The majority of recent retail bankruptcies have resulted in going-out-of-business (GOB) sales, liquidation, large-scale job losses, and vacant retail stores. Things Remembered’s acquisition earlier this year by Enesco, a creator and distributor of giftware […] -
Things Remembered: Fast Times at the Special Committee of Independent Board Members
Candidates for independent board of director positions must first gather basic information about the company, including an overall description of the business; a list of its locations and general operations; and details regarding the ownership and its view of the company, stewardship, and near-and long-term strategic plans for the business. Armed with this and other […] -
As Legacy Retailers Falter, Digital Natives Are Reinventing Brick-and-Mortar Stores
The news is out: retailers are closing stores by the hundreds. Last year, they shuttered upward of 5,800 stores, while the number of closures for 2019 has already eclipsed that mark and is predicted to go as high as 12,000, according to Coresight Research (Figure 1). This may seem like a straightforward phenomenon that heralds […] -
Real Estate Game Planning Takes on New Urgency in Retail Restructurings
Understanding the strengths and weaknesses of a retailer’s real estate portfolio has always been a critical part of the planning process before commencing a restructuring project. However, in today’s highly disrupted retail environment, the need for clarity on this front is greater than ever. The real estate planning component centers on ascertaining individual store profitability […] -
Why Turnarounds Often Fail
Turnaround, the process of identifying and setting operational issues back on track to return a company to sound profitability, presents massive financial, operational, and emotional challenges to those directly involved in the process. However, most firms that have struggled through such difficulties reflect that when the proverbial tea leaves hint at the need for restructure, […] -
Going Places: Katie Montague
Q: How did you gravitate into turnaround/restructuring work? MONTAGUE: I originally wanted to be a lawyer, before I started college. When I was in college, I realized I really enjoyed my accounting and finance classes, so I decided to stick with it. Also, as an undergrad, I worked at a law firm and a bankruptcy trustee’s […] -
2019 TMA Awards
TMA honors excellence through its annual awards program, which recognizes achievements in the categories listed in this issue, plus more. The following award recipients were honored at The 2019 TMA Annual in Cleveland Ohio, September 25-27. 2019 TMA INDIVIDUAL AWARDS Outstanding Individual Contribution:Harold Israel, Levenfeld Pearlstein LLC (TMA Chicago/Midwest)Carl Lane, CTP, Willow Tree Consulting Group (TMA Chicago/Midwest) Chapter Impact:Hon. […] -
TMA Talks
Welcome to TMA Talks, a regular series of podcasts hosted by TMA Global CEO Scott Y. Stuart, Esq. Each segment features prominent TMA members, industry experts, and other special guests. These exchanges, edited transcripts of which are printed in the JCR, offer insights into key markets, forward-thinking economic outlooks, insider thoughts on industry trends, and much more. TMA Talks […] -
Milestones
Former U.S. Bankruptcy Judge Kevin J. Carey has joined Hogan Lovells’ Business Restructuring and Insolvency practice as a partner. Carey retired August 31 from the U.S. Bankruptcy Court for the District of Delaware, where he earned a reputation as one of the nation’s top bankruptcy judges. Carey will play key roles in bankruptcy cases and […] -
Newcomers: November/December 2019
Alabama Brian Clifford, Monteagle Strategic Finance LLC Tucker J. Helms, AEA Group LLC Christian A. Pereyda, Maynard Cooper & Gale PC Arizona Bryan N. Alsobrooks John Bodkin, CapitalPlus Construction Services LLC Connor O’Gorman, Resolute Commercial Services Atlanta Matthew O. Hayes, Georgia Institute of Technology Brian J. Hooper, Strafford Publications Franklind D. Lea, Tactical Financial Consulting Todd D. Ping, Renasant Business Credit […]
Snapshot Article
Upcoming
2024 TMA Annual Conference
October 15 – 18, 2024
Loews Philadelphia
Philadelphia, PA