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The lender group was already set to take over most of J.C. Penney’s real estate at the outset of the bankruptcy case, with a plan that would have involved spinning the properties into a real estate investment trust and selling the rest of the retailer to the highest bidder.September 10
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Retailers have struggled during the coronavirus pandemic, as consumers lose jobs and the will to shop and dress up, with Brooks Brothers, J.C. Penney, J. Crew and Neiman Marcus declaring bankruptcy in 2020August 28
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Salter, who founded and runs Authentic Brands Group, has bought beaten up names like Forever 21, Lucky Brand Dungarees and Barneys New YorkAugust 14
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Pizza Hut franchisee’s NPC International Inc., the holding company of Chuck E. Cheese CEC Entertainment Inc. and the U.S. arm of Le Pain Quotidien have sought bankruptcy protection since the pandemic started.July 30
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Sparc Group, which is backed by Barneys New York owner Authentic and mall landlord Simon, agreed to a $305 million bid in a court-supervised auction for Brooks Brothers’ global business operations.July 24
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Retailers, many already struggling with competition from online shopping, have been among the hardest hit by Covid-19. Lockdowns drained revenue, helping to tip companies including J.C. Penney Co., J. Crew Group Inc. and Neiman Marcus Group Inc. into bankruptcy.July 23
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The retailer is closing in on a restructuring plan that would also let creditors install new board members.July 22
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Economic disruption is creating opportunities and the investment landscape is setting up for what could be a significant uptick in distressed M&A activity.July 17
PartnerHogan Lovells
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The pandemic has hit Brooks Brothers hard, shuttering office buildings and hurting demand for business wear as people worked from home.July 8
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Other recent restaurant bankruptcies include the parent of Chuck E. Cheese and the U.S arm of Le Pain Quotidien.July 1
