Published on February 19, 2021
Like most upscale retailers, Fresno-based Patrick James’ performance declined suddenly with COVID-19 stay-at-home orders. The 58-year-old menswear company with 11 stores in California, Nevada and Arizona filed for Chapter 11 bankruptcy in October 2020 and hired Stapleton Group as its financial advisor.
Our team, led by Managing Director Michael Bergthold, quickly negotiated Debtor-in-Possession (DIP) financing to support the company’s working capital needs during the bankruptcy process and prepared comprehensive financial projections to facilitate a successful restructuring.
We then collaborated with the company’s executive team and bankruptcy counsel to create a Plan of Reorganization, which was filed with the court on February 12, 2021.