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Case Study: Retail Grocery ChainCompany: 80 store retail grocery store chain generating $300 million in annual sales and specializing in Latino / Hispanic food items servicing Phoenix and Tucson, Arizona area.Situation/ Tasks Performed: Continuing losses caused secured lender to stop funding, forcing Chapter 11 filing. As a condition to providing DIP financing, the board of directors was required to hire a restructuring firm. TRG was engaged and provided an analysis suggesting that the estate value would be maximized by selling profitable stores to a larger competitor. It was also determined that it would be beneficial to close and liquidate the unprofitable stores. TRG oversaw the sale of all inventories and store fixtures and collected open accounts receivables, insurance refunds and supplier debit balances. Results: All profitable stores were sold as going concern. Remaining assets were monetized. TRG assisted management in successfully winding-down the company’s affairs. Nature of Assignment: Primary: Liquidation Consulting and Wind-down Management Secondary: Responsible Party in Chapter 11 Industry: Retail - Grocery
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© Copyright 2007 The Recovery Group, Inc. All rights reserved |
