This article reviews the most noteworthy features of the restructuring and insolvency legal framework in USA, with particular regard to recent developments.
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Dive Brief:
Major mall operator Simon Property Group, along with Taubman Landlords, have filed objections against Ascena Retail Group s Chapter 11 plan of reorganization.
At issue are plans for key former Ascena banners following their purchase by private equity firm Sycamore Partners. Sycamore had no comment on the objections.
In court papers, Simon pointed to Sycamore s intention of closing more stores than originally agreed on, including profitable stores. Such a move places the business at far greater risk than anyone contemplated at the time of the sale, the landlord alleged.
Dive Insight:
As a mall-based apparel retail conglomerate, Ascena has had a rough time these past few years. The company made major acquisitions just as its sector went into swift and dramatic decline. As sales and profits fell, Ascena threw the kitchen sink at its financial woes, divesting and closing banners, shuffling management, and shedding stores and corporate staff.