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  • INDUSTRY NEWS

    • On February 05, American Apparel. announced it has emerged from Chapter 11 as a private company after successfully implementing its reorganization plan. The announcement comes days after the Delaware bankruptcy court gave its approval to the plan. Under the approved plan, approximately $230 million in bonds was wiped out in exchange for equity in the reorganized company. The participating lenders include Monarch Alternative Capital, Coliseum Capital and Goldman Sachs Asset Management. In addition, the chain's new owners provided an infusion into the company of $40 million of exit capital and a commitment for a $40 million asset-backed loan. Annual interest expense will decrease by $20 million annually as compared to the period before the company's Chapter 11 case. Also under the plan, American Apparel converted its corporate form from a Delaware corporation to a Delaware limited liability company known as American Apparel, LLC.
    • On February 05, 2016, it was reported, Sports Authority is taking steps towards filing for Chapter 11 bankruptcy protection, according to Bloomberg. The retailer has a debt payment due in 10 days and in talk with its lenders about a reorganization plan under which it would close as many as 200 of its more than 450 stores, the report said. Sports Authority reportedly skipped a $20 million in interest payment in January on a $343 million loan. It has 10 days to make the payment. Sports Authority saw its corporate credit rating downgraded by Moody's Investor Service on Jan. 20 after the retailer said it elected to not make a $21 million interest payment that was due on Jan. 15. Moody's cut its corporate family rating and $300 million secured term loan due 2017 rating to Caa3 from Caa1 issued a negative outlook on the company.
    • On February 03, 2016, it was reported, Arhaus has hired former Crate & Barrel executive Adrian Mitchell as CEO, overseeing all functions and operations of the Top 100 company. Mitchell succeeds founder and CEO John Reed, who remains chairman of the 61-store chain. He reports to the company's board of directors and also has been named a board member.
    • On February 02, 2016, it was reported, Hancock Fabrics has filed for bankruptcy again and said it might put the entire company of 250 retail sewing and crafting stores up for sale. The Mississippi-based retailer in fabric, sewing and accessories has filed voluntary petitions for reorganization under chapter 11 of the U.S. Bankruptcy Code. The company said it is considering all possible options for maximizing stakeholder value, including the sale of the business as a going concern in either a single transaction or a series of transactions. It is also reviewing investment options with existing stakeholders and third parties. The company previously filed for Chapter 11 bankruptcy in 2007 and emerged a year later.