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Clothes one chapter, open another chapter (11)
This past week, retailers Lord & Taylor and Tailored Brands both filed for bankruptcy protection. Lord & Taylor is the oldest department store chain in America. Tailored Brands is the parent company of Men’s Warehouse and Jos. A. Bank.
Last week, I wrote that the Men’s Warehouse filing was likely imminent after the company issued retention bonuses to top execs.
Virgin Atlantic flies into bankruptcy
The airline company filed Chapter 15 in the United States, enabling international bankruptcy courts and creditors to collaborate during the proceedings.
Virgin announced its restructuring plan last month and is in the process of cutting over 3,000 jobs internationally.
Learn more: what is Chapter 15?
Learfield IMG College huddles on restructuring plan
Learfield, a media company that owns the broadcast rights to about 200 colleges’ sport programs, has engaged restructuring specialists to help it consider options.
As the environment for college sports (and really, college and sports separately, in general) faces uncertainty, the company, which primarily pays fixed fee amounts to universities for the rights to their games, is attempting to renegotiate contracts to be variable based on revenue, among other strategies.
Mix-ellaneous
Hospitals “unfile” bankruptcy to get Paycheck Protection Program loans. At least three hospitals have exited bankruptcy in order to be eligible for PPP funds, but then are re-filing once the funding is secured.
Retailers are putting more and more pressure on landlords as they consider bankruptcy options to dodge their real estate stakeholders.
Video: the rise and fall of J. Crew