Change is hard. This bromide—so beloved by the uninspiring TED speaker and corporate hatchet man alike—is both obvious and trite. It’s also true. Adapting to the changes that inevitably appear in business and life is difficult. Indeed, if more businesspeople were better at this task, many...
In late March 2020, as the potential extent of devastation brought on by the COVID-19 pandemic was becoming clear, a headline in The New York Times declared: “Scary Times for U.S. Companies Spell Boom for Restructuring Advisers.” There were more than 8,000 permanent brick-and-mortar store closures...
For owners of retail and mixed-use real estate facing distress, it is tempting to blame their economic woes solely on the COVID-19 pandemic. This explanation is attractive because it leaves them blameless, is seemingly self-evident, and does not compel them to justify their past actions or explain...
Secured term loan and revolver lenders in retail bankruptcy cases often leave money on the table because they do not understand how their security interests in a debtor’s “accounts” under the Uniform Commercial Code (UCC) extend to the proceeds of sale of a debtor’s real property interests,...
As most restructuring professionals would attest, 2021 was a historically slow year for corporate bankruptcy filings. Across the industry, filings in all chapters were down almost 25% from 2020 levels, and November 2021 recorded the fewest cases with a $10 million liability threshold since 2015...
The retail industry is one of the most dynamic and demanding aspects of the economy, as evolving consumer habits and technology continually change the way consumers shop. For years, retail business models were primarily driven by paradigm shifts in globalization, digitization, omnichannel, and just...
These days, turnaround professionals are divided into two camps: on the one hand, there are those arguing that the next big wave of retail restructurings is just around the corner as the full economic fallout from the global pandemic takes its toll and government stimulus starts to fade away; and,...
“Retail is dead.” Professionals hear this phrase so often that some start to believe it. The authors’ research confirms that change is taking place across the sector but suggests an element that can fuel growth: traffic. Online retailers (e-coms) have been improving their user experience over time...
As I pen this guest editor’s column for the Journal of Corporate Renewal’s retail restructuring issue, it is the first week of 2022. At this time of year, I always reflect on the previous year—what happened across the globe, in restructuring, in retail, and in my practice. In 2021, I left my...
For the past decade, much has been written about the transformation of retail—specifically, what it implies for the future of traditional brick-and-mortar retail. The prime driver of this disruptive force has been the evolution of omnichannel retail, which is rapidly changing consumer expectations...
