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Retailers Using Chapter 11 To Break Lease Agreements

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But the ripple effects are daunting, as the moves could threaten the half-trillion-dollar market for commercial mortgage-backed securities. If this becomes a tsunami of retailers rejecting their leases, it’s going to trigger another part of the sea change — the mortgages held by the landlords.”.

Retail 141
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Off-Price Retailer Stein Mart Files For Chapter 11

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Off-price specialty retailer Stein Mart, Inc. filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the Middle District of Florida, Jacksonville Division amid a challenging retail climate and the pandemic, the company said in a statement. In July, Ascena Retail Group, Inc. In July, Ascena Retail Group, Inc.

Retail 58
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Sycamore Partners Reportedly Negotiating To Buy JCPenney

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The retailer, which employs 85,000 people, filed for Chapter 11 bankruptcy protection last month after the coronavirus forced it to shut its more than 800 stores, which followed years of weak sales. Sycamore is considering acquiring the entire company or making an investment in JCPenney, the news service reported.

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Sears Reportedly Working On Bankruptcy Filing

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However, the sources told WSJ that the retailer is looking into alternatives to avoid a restructuring in court. 9), Sears reportedly brought on a new director, Alan Carr, who is a restructuring expert. He wants the retailer’s board to sell assets and creditors to refinance debts. And, on Tuesday (Oct.

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Lucky Brand Starts Chapter 11 Proceedings, Seeks Sale

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The retailer said it has received new financing commitments that will offer enough liquidity to fund it until the sale’s closing, according to an announcement. In addition, the retailer said new Authentic Brands Group LLC subsidiary ABG-Lucky LLC will buy all of its intellectual property assets. Houlihan Lokey Capital, Inc.

Sales 54
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Neiman Marcus Obtains Access To $250M With DIP Financing

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The retailer said $250 million is available now and a further $150 million will be available as needed after Sept. The CEO continued, “This financing provides us with ample liquidity to ensure business continuity as we gradually reopen our stores, invest in fall inventory, and fund the expansion of our digital offerings.”.

Finance 52
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Pier 1 Imports Receives Approval To Wind Down Business

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With its store closing sales set to start after retail locations can safely open again, Pier 1 Imports, Inc. The home décor and accessories retailer intends to finish its liquidation sales by the conclusion of October, according to a press release. said it has received the green light from the U.S.