Welcome to the Re/Re/Recap. This week’s top few talking points in the world of turnaround and restructuring is just a scroll away. We’re just trying to keep you informed for that watercooler chit-chat. Which isn’t happening nowadays anyway because COVID but you might as well be ready…
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Brooks Brothers buttons up a Chapter 11 filing
On Wednesday, July 8, Brooks Brothers — the classic men’s clothier, founded in 1818 — filed for Chapter 11. And guess what: Simon Property Group (via Sparc Group LLC), our dear friends from last week’s ramble, have a horse in the race to buy the preppy poplin purveyor.
As we’ve said before — and continue to say — we’re in the time of the Great Retail Reckoning.
BB plans to close over 50 of its locations to ensure ongoing viability.
All the things I was too lazy to fully write up:
and please forgive me.
Apex Linen: A different type of Las Vegas cleaner files for bankruptcy protection (that’s a money-laundering joke, probably not that funny, honestly.) Apex filed for bankruptcy earlier this week, citing a COVID-related drop in demand for services (laundry, essentially).
Muji, the minimalist home decor and lifestyle brand, filed Chapter 11. The U.S.-based retailer (child entity of Japanese conglomerate Ryohin Keikaku) is using the court procedures to focus sales efforts to key regions and via e-commerce. I want one of these.
Small Business Bankruptcy is “easier” than ever: interesting write-up in the WSJ about how bankruptcy law changes for qualifying small businesses (mostly reducing fees and general BK overhead) are being used by small businesses across America.
This really amazing viz about COVID bankruptcies from Bloomberg is really amazing.
And oh, yeah, did I mention Sur La Table filed too? It did, late on the 8th.
Until next time!