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    Revlon May Signal Another Wave of Retail Bankruptcies
    2022-06-27

    With the beginnings of the coronavirus pandemic, 2020 brought an onslaught of retail bankruptcy cases. Lord & Taylor, Ascena Brands, Neiman Marcus and JC Penny, among many others – not less than 52 in total. As the economy recovered from the initial shock of the pandemic, the number of retail bankruptcy cases subsided in 2021. According to reports, there were 21 retail cases in 2021 as retail traffic began returning to pre-pandemic levels. 2022, however, brings new pressures on the global economy, and certain that may strike the retail industry with force.

    Filed under:
    USA, Insolvency & Restructuring, Crowell & Moring LLP, Bankruptcy, Retail, Supply chain, Coronavirus
    Authors:
    Frederick (Rick) Hyman
    Location:
    USA
    Firm:
    Crowell & Moring LLP
    PIF revisited - no right not to be diluted
    2011-10-07

    On 5 October 2011 Justice Barrett of the Supreme Court of NSW handed down a decision in Centro Retail Limited and Centro MCS Manager Limited in its capacity as Responsible Entity of the Centro Retail Trust [2011] NSWSC 1175 (“Centro”) where he found that the responsible entity of Centro Retail Trust would be justified in modifying the constitution of the trust without unitholder approval to a insert a provision permitting the issue of units at a price different to that provided for by the pre-existing provisions.

    Filed under:
    Australia, New South Wales, Insolvency & Restructuring, Litigation, King & Wood Mallesons, Retail, Security (finance), Investment funds, Market value, Net asset value, Unilateralism, Australian Securities Exchange, ING Group, Australia and New Zealand Banking Group, Constitutional amendment, Corporations Act 2001 (Australia), Constitution, Federal Court of Australia, New South Wales Supreme Court
    Authors:
    Brian Murphy
    Location:
    Australia
    Firm:
    King & Wood Mallesons
    Breakaway franchisees - REDgroup retail
    2011-07-05

    With REDgroup administrators, Ferrier Hodgson, desperately searching for a buyer for REDgroup's Australian book business, the consequences for franchisees remains uncertain.  Whilst the nine remaining Borders bookstores are set to close, no decision has yet been made on the future of Angus & Robertson (A&R).

    Filed under:
    Australia, Franchising, Insolvency & Restructuring, Hall & Wilcox, Bankruptcy, Legal personality, Retail, Advertising, Code of conduct, Franchise agreement
    Location:
    Australia
    Firm:
    Hall & Wilcox
    Creditors as shadow directors – recent decision provides useful guidance
    2011-05-17

    In brief

    A recent decision by the New South Wales Court of Appeal in Buzzle Operations Pty Ltd (in liq) –v- Apple Computer Australia Pty Ltd [2011] NSWCA 109 provides useful guidance on the key aspects of shadow directorships and to what extent advices can be given by an interested party such as a financial accountant or a lender to a debtor without that interested party falling within the definition of "shadow director".

    Background

    Filed under:
    Australia, New South Wales, Company & Commercial, Insolvency & Restructuring, Litigation, A&L Goodbody, Retail, Credit (finance), Security (finance), Board of directors, Debt, Mortgage loan, Liquidator (law), Apple Inc, Court of Appeal of England & Wales
    Location:
    Australia
    Firm:
    A&L Goodbody
    Bondholders' rights in case of insolvency restricted by 1874 law
    2011-02-09

    Introduction

    On October 20 2010 insolvency proceedings were opened against A-TEC Industries AG, the Austrian holding company of industrial group A-TEC. With outstanding debt of around €650 million (including contingent claims), this insolvency is set to be the third-largest insolvency in Austria to date. Claims included around €300 million of bond debt (two convertible bonds and a corporate bond) issued by the company.

    Filed under:
    Austria, Insolvency & Restructuring, Litigation, Schoenherr, Bond (finance), Retail, Debtor, Consumer protection, Debt, Holding company, Corporate bond, Convertible bonds, Pro rata, Trustee
    Authors:
    Ursula Rath , Stefan Paulmayer
    Location:
    Austria
    Firm:
    Schoenherr
    Eight firms close Brazil’s largest retail restructuring
    2019-04-12

    Thomaz Bastos, Waisberg, Kurzweil Advogados and Pinheiro Neto Advogados have helped Máquina de Vendas close a deal to restructure its 3 billion reais debt (US$779 million), in what is thought to Brazil’s largest ever debt restructuring by a retailer. 

    Pinheiro Neto advised Máquina de Vendas’ founding partner, Ricardo Nunes.

    Filed under:
    Brazil, Banking, Capital Markets, Insolvency & Restructuring, Latin Lawyer, Retail, Debt, Debt restructuring, European Securities and Markets Authority
    Location:
    Brazil
    Firm:
    Latin Lawyer
    Série sur l’insolvabilité des détaillants au Canada : Le point de vue des fournisseurs
    2018-01-11

    Srie sur l'insolvabilit des dtaillants au Canada : Le point de vue des fournisseurs

    Linc Rogers et Aryo Shalviri

    Filed under:
    Canada, USA, Insolvency & Restructuring, Litigation, Blake, Cassels & Graydon LLP, Retail, United States bankruptcy court, Ontario Superior Court of Justice, US District Court for Eastern District of Virginia
    Location:
    Canada, USA
    Firm:
    Blake, Cassels & Graydon LLP
    Retail Insolvencies in Canada Series, #2: Supplier Perspectives
    2017-10-10

    This is the second instalment in a series examining large retail insolvencies in Canada from the perspective of various stakeholders. The Companies' Creditors Arrangement Act (Canada) (CCAA) is the principal statute for the reorganization or sale of large corporate debtors in Canada and the functional equivalent to Chapter 11 of the U.S. Bankruptcy Code (Chapter 11) in the United States. Accordingly, our series focuses on CCAA proceedings, with references to alternate insolvency proceedings where applicable.

    Filed under:
    Canada, USA, Insolvency & Restructuring, Litigation, Blake, Cassels & Graydon LLP, Retail, United States bankruptcy court, Ontario Superior Court of Justice, US District Court for Eastern District of Virginia
    Location:
    Canada, USA
    Firm:
    Blake, Cassels & Graydon LLP
    The Year Brick & Mortar Got a Bankruptcy Makeover - What Fashion and Luxury Goods Companies Need to Know About Restructuring and Bankruptcy
    2018-02-12

    The Year Brick & Mortar Got a Bankruptcy Makeover

    What Fashion and Luxury Goods Companies Need to Know About Restructuring and Bankruptcy

    Los Angeles / New York / San Francisco / Washington, DC

    arentfox.com

    Introduction

    Understanding the Issues, Causes, Tools for Distressed Retail Situations & What Lies Ahead for 2018

    Filed under:
    Australia, USA, Company & Commercial, Corporate Finance/M&A, Insolvency & Restructuring, Intellectual Property, Tax, ArentFox Schiff, Bankruptcy, Retail, Private equity, Liquidation, Federal Trade Commission (USA), Tax Cuts and Jobs Act 2017 (USA)
    Location:
    Australia, USA
    Firm:
    ArentFox Schiff
    ECJ rules on Woolworths redundancy case
    2015-05-08

    As reported in our briefing last week, the European Court of Justice has delivered its judgment in the case of Union of Shop, Distributive & Allied Workers (USDAW) and another v WW Realisation 1 Ltd (in liquidation) and others (C–80/14) in relation to long running claims brought by former employees of national retailers Woolworths and Ethel Austin, which arose out of the administration and closure of all of their retail stores. The ECJ had to consider the meaning of “establishment” in the legislation, which triggers an obligation to undertake collective consultation when an employe

    Filed under:
    European Union, Employment & Labor, Insolvency & Restructuring, Litigation, Womble Bond Dickinson (UK) LLP, Retail, Employment tribunal, Court of Justice of the European Union
    Authors:
    Ed Duffield
    Location:
    European Union
    Firm:
    Womble Bond Dickinson (UK) LLP

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