A top-notch restructuring group, capable of handling the biggest and the most difficult restructuring from either company side or creditors’ side. 
- Chambers USA, Band 1 Bankruptcy/Restructuring (Nationwide and NY)
Consumer Products, Retail & Apparel
Our restructuring department fields large, multidisciplinary teams that leverage the resources of our firm as a whole. We act on all sides of cutting-edge restructuring transactions across a range of industries.
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Revlon's Chapter 11 Cases
Revlon, a leading global beauty company, and certain of its subsidiaries in their chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of New York.
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Party City's Chapter 11 Case
Party City, a global leader in the celebrations industry, and certain domestic subsidiaries in its prearranged chapter 11 proceedings, as well as the provision of $150 million of debtor-in-possession financing, in the U.S. Bankruptcy Court in the Southern District of Texas.
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Chapter 11 Cases of Serta Simmons
An ad hoc group of first lien lenders of Serta Simmons Bedding, LLC, one of the leading producers of mattresses and bedding products in the United States and Canada, in connection with the chapter 11 cases filed by the company and its affiliates in the U.S. Bankruptcy Court for the Southern District of Texas.
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Out-of-Court Restructuring of Rodan & Fields
Citibank, in its capacity as agent and revolving lender, in the out-of-court restructuring of Rodan & Fields.
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Alex and Ani Chapter 11 Cases
Lion Capital, as secured lender and equity sponsor, in the chapter 11 cases of Alex and Ani, a customizable jewelry company. The restructuring plan allowed the company to reorganize its balance sheet, optimize its retail lease portfolio, resolve litigation involving the company’s founder, and convert the company’s $127 million of prepetition secured debt into 100% of the reorganized company’s equity.
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Chapter 11 Cases of The Collected Group
The Collected Group, an international fashion group headquartered in California which is recognized globally as a leading designer, distributor and retailer of the Joie, Equipment and Current/Elliot brands, and its debtor subsidiaries, in their chapter 11 cases in the District of Delaware.
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Section 363 in the Chapter 11 Cases of Ascena Retail
Simon Property Group, a primary landlord of numerous retail properties leased to Ascena Retail Group, in connection with Ascena’s sale to Sycamore Partners pursuant to a section 363 sale in its chapter 11 cases in the Eastern District of Virginia.
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McGraw Hill's Out-of-Court Recapitalization
McGraw Hill, a leading educational publisher, in a comprehensive out-of-court debt recapitalization that involved (a) the amendment of the terms and maturities of the existing term loans and revolving facility commitments and (b) an issuance of new secured notes. The new secured notes were issued for cash, exchanged for existing holding company loans or in exchange of existing unsecured notes, all on terms negotiated among the relevant parties.
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Revlon's Successful Out-of-Court Exchange Offer
Revlon, a leading global beauty company, in its subsidiary’s successful out-of-court exchange offer.
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Guitar Center's Prepackaged Chapter 11 Cases
The Carlyle Group, as a plan sponsor and post-bankruptcy new money investor in the prepackaged chapter 11 cases of Guitar Center, the world’s leading musical instrument retailer. The plan provided for Carlyle to invest up to $65 million in the company in exchange for one-third of the post-reorganization common equity.
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American Achievement Corporation's Involuntary Chapter 11 Cases
Affiliates of Prudential Capital Partners and Onex Falcon as petitioning creditors in the involuntary chapter 11 cases and subsequent consensual out-of-court restructuring of American Achievement Corporation, a leading publisher of yearbooks, manufacturer and direct marketer of scholastic and graduation products, and provider of graduation commencement services.
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Recapitalization of The IMAGINE Group
The IMAGINE Group, a leading provider of visual print communications and experiential marketing solutions, in its recapitalization transaction, which involved a $550 million deleveraging and a $100 million new money investment.
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Brooks Brothers's Chapter 11 and Successful Stalking Horse Bid
SPARC Group, a retail operator owned by Authentic Brands Group and Simon Property Group, in its going concern acquisition of the assets of Brooks Brothers, a New York-based apparel company, in the company’s chapter 11 case.
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Lucky Brand's Chapter 11 and Acquisition
SPARC Group, a retail operator owned by Authentic Brands Group and Simon Property Group, in its going concern acquisition of the assets of Lucky Brand Dungarees, a California-based designer and retailer of denim and apparel, in the company’s chapter 11 case.
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J.Jill's Out-of-Court Restructuring
TowerBrook Capital Partners in an out-of-court restructuring of more than $230 million of outstanding term loan debt of its portfolio company J.Jill, a nationally recognized women’s apparel brand.
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GNC Holdings' Prearranged Chapter 11
An ad hoc group of FILO term loan lenders in the prearranged chapter 11 cases of GNC Holdings, a leading global specialty retailer of health and wellness products.
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J. Crew's Prearranged Chapter 11 Case
TPG Partners in the prearranged chapter 11 proceedings of its portfolio company, J.Crew Group, an internationally recognized omni-channel retailer of women's, men's and children's apparel, shoes and accessories. The plan provided for, among other items, the equitization of approximately $1.65 billion of secured debt.
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Neiman Marcus’ Restructuring
An ad hoc committee of noteholders of Neiman Marcus, one of the world’s largest omni-channel luxury fashion retailers, in (a) a recapitalization transaction involving the exchange of unsecured notes into a new series of third lien notes and preferred equity in MyTheresa, a German luxury online retailer, and the issuance of new second lien notes and (b) the company’s subsequent prearranged chapter 11 case.
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David's Bridal Out-of-Court Restructuring
David’s Bridal, the nation’s leading bridal and special occasion retailer, in an out-of-court recapitalization transaction which provided for $55 million of new capital from existing lenders and the exchange of more than $275 million in existing term loan debt into new preferred and common equity securities.
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TOMS Shoes Out-of-Court Restructuring
The term loan lenders of TOMS Shoes, a maker of casual footwear with a unique gifting mission, in the company’s out-of-court restructuring which resulted in the term loan lenders owning 100 percent of the equity of TOMS on account of (a) the conversion of $300 million of secured term debt into equity and takeback debt in TOMS and (b) a new money investment.
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Sears’ Chapter 11 Cases
The Restructuring Sub-Committee of the Board of Directors of Sears Holdings Corporation, a leading retailer in the appliance, tool, lawn and garden, fitness equipment, automotive repair and maintenance retail sectors, in the company’s chapter 11 cases, including the investigation of potential claims and causes of action in connection with related party transactions and the court-approved $5.2 billion sale of assets.
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FULLBEAUTY’s Prepackaged Chapter 11 Case
An ad hoc group of prepetition second lien lenders in the chapter 11 cases of FULLBEAUTY Brands Holdings Corp. and certain affiliates, which restructured more than $1.2 billion of prepetition debt through a prepackaged plan of reorganization that was approved by the United States Bankruptcy Court for the Southern District of New York less than 24 hours after the company filed for chapter 11 protection.
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Gibson Brand’s Prenegotiated Chapter 11 Case
An ad hoc committee of senior secured noteholders of Gibson Brands, an iconic American manufacturer of guitars, other musical instruments and professional audio equipment, in the company’s prenegotiated chapter 11 case, including the negotiation of a prepetition restructuring support agreement and the provision of $135 million of debtor-in-possession financing. This matter was recognized by The Turnaround Management Association as the “Mid-Size Company Transaction of the Year.”
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Performance Sports Group’s Cross-border Bankruptcy Cases
Performance Sports Group, a leading developer and manufacturer of sports equipment and apparel with products marketed under the BAUER, MISSION, MAVERIK and EASTON brand names, among others, as U.S. counsel in its complex U.S. and Canadian bankruptcy cases, including the going concern sale of its business to leading Canadian private investment firm. This matter was recognized by The M&A Advisor as the “Restructuring of the Year ($500MM-$1B)” and by The Turnaround Management Association as the "Transaction of the Year: Large Company."
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Section 363 Sale of Aéropostale
Simon Property Group, a leading retail real estate ownership, management and development company, as the largest owner of the joint venture that purchased substantially all of the assets of the apparel and accessories brand Aéropostale in a sale under section 363 of the Bankruptcy Code, and as a landlord in the company’s chapter 11 case. This matter was recognized by The M&A Advisor as the “Restructuring Deal of the Year ($250MM-$500MM)” and “SEC.363 Sale of the Year ($100MM-$250MM).”
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Toys “R” Us’s Restructuring
An ad hoc group of holders of prepetition secured notes and DIP notes issued by the holding company that owned Toys “R” Us’s international business in (a) the restructuring of Toys “R” Us, Inc. and certain of its subsidiaries through concurrent proceedings in the U.S. and multiple foreign jurisdictions and (b) the provision of $455 million of debtor-in-possession financing, the proceeds of which were used to fund the company’s international businesses.
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David’s Bridal’s Prepackaged Chapter 11 Case
Certain funds advised or otherwise managed by Oaktree Capital Management in their capacity as holders of David’s Bridal’s term loans and unsecured notes in connection with the negotiations, implementation and consummation of a prepackaged chapter 11 plan to right size the company’s balance sheet and rationalize operations. Oaktree was the company’s single largest creditor.
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Bon-Ton Stores’ Chapter 11 Cases
The Bon-Ton Stores, a national department store retailer, in its chapter 11 cases in Delaware, including the sale of substantially all of its assets under section 363 of the Bankruptcy Code.
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Claire’s Chapter 11 Cases
Apollo Global Management in the restructuring of Claire's, one of the world's leading specialty retailers of fashionable jewelry and accessories for girls, teens, and young women, and certain of its affiliates, including in its chapter 11 cases.
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PetSmart’s Restructuring
An ad hoc committee of cross-holders holding approximately 45% of PetSmart’s secured and unsecured debt in connection with challenging certain spin transactions.
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Section 363 Sale of Gymboree
The Children’s Place, a retailer of children's clothes and accessories, in its acquisition of trademarks and other assets of Gymboree pursuant to section 363 of the Bankruptcy Code.
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Revlon
Revlon, a leading global beauty company, and certain of its subsidiaries in their chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of New York.
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Party City
Party City, a global leader in the celebrations industry, and certain domestic subsidiaries in its prearranged chapter 11 proceedings, as well as the provision of $150 million of debtor-in-possession financing, in the U.S. Bankruptcy Court in the Southern District of Texas.
