Retail & Consumer
MERU CASE STUDY
Restructured a national clothing and equipment retailer
COMPANY OVERVIEW
- Outdoor clothing and equipment retailer in the U.S. Northeast headquartered in Meriden, Connecticut
- Following a Chapter 11 bankruptcy just six months earlier, vendors imposed very restrictive credit terms and never fully resumed shipments, resulting in limited inventories and consequent continued liquidity problems
- As a result, Eastern Outfitters filed for bankruptcy protection again in February 2017
OUR APPROACH
- Replaced tier 1 restructuring firm as Chief Restructuring Officer after they were forced to resign by the board due to an unworkable relationship with the prospective buyer.
- Gained control of cash forecast
- Assessed operations for cost reduction opportunities
- Managed the Chapter 11 bankruptcy process for the estate
OUR IMPACT
Successfully led the company through a Chapter 11 process and private sale to a U.K. based specialty retailer.
Reduced corporate headcount by 27% prior to closing.
Repaired damaged relationship with the eventual buyer.