CRO / Financial Advisor of Bankrupt Retailer

Sub V Ch 11 Bankruptcy, Strategic Plan, Turnaround

Stapleton serves as Financial Advisor to Men's Retailer

The Bottom Line:

Patrick James, a 58-year-old upscale menswear retailer with 11 stores in California, Nevada and Arizona, filed for relief under the new Subchapter V Chapter 11 at the height of the Pandemic.

As Financial Advisor/CRO of a menswear retailer, we worked with management, the secured lender, the bankruptcy trustee and bankruptcy counsel to achieve a confirmed Plan of Reorganization under Subchapter V Chapter 11 in less than 7 months.

  • Secured Creditors were paid back in full
  • Renegotiated most of the company’s leases and critical business contracts
  • Secured Lender provided DIP and exit financing
  • Bankruptcy Trustee wholeheartedly endorsed the confirmation

Stapleton’s Team:

  • Developed defensible, conservative cash flow projections
  • Negotiated DIP and exit financing
  • Quantified and recommended operational changes
  • Introduced a new bank for merchant services midstream during the process after the company’s provider declined to continue

View All Results