Provided restructuring and Chapter 11 advisory for what was then, the eighth largest, nationwide furniture retailer with sales of $680 million.
Challenges Faced
- Strained relationships with suppliers due to late payments and eventual shutdown of shipments.
- Negative publicity and unreliable delivery to consumers led to sharp decline in sales.
Solutions Delivered
- As debtor’s senior advisor, led administration of Chapter 11 filing.
- Worked with claims agent and counsel on various court filings.
- Oversight of daily financial and operational activities, including liaison, settlement and negotiation with vendors and third party liquidators, cash flow forecast and management activities.
- Identified and initiated actions to recover $200 million of preference payments.