NEWS
Apparel Retail Companies Faced Tough 2020
Edward Webb • March 23, 2021
Services: Turnaround and Restructuring
BPM’s Edward Webb Reviews Apparel Retail’s Rough Year in Bankruptcy Court
Due to the COVID-19 pandemic, dozens of major retailers have filed for Chapter 11 protection, seeking to slash debt and renegotiate leases. Some retailers, like JC Penney, have emerged with new owners, reduced footprints and staff, and commitments to focus on e-commerce.
As BPM Partner Edward Webb explains, bankruptcy is more of a restructuring, rather than a “lights-out” situation. He states that when the pandemic started, some retailers with large real estate investments that were likely already teetering on the brink of bankruptcy found themselves in a position where they couldn’t negotiate their way out, having “to use bankruptcy as a mechanism to deal with all those leases.”
Edward Webb
Of Counsel, Corporate Finance
Edward Webb has over 40 years of experience in consulting and financial management, including specific experience in business restructuring, negotiated …