James Hogarth is a director in AlixPartners LLP’s
Turnaround & Restructuring Services practice. He
has more than 13 years of experience in corporate
restructurings, reorganizations, and business
operations and has worked on a variety of in-and out-of-court retail turnarounds in the home
furnishings, toy, media, grocery, and restaurant
industries. Hogarth’s experience includes liquidity
management, business plan development, large-scale
cost reduction programs, refinancings, divestitures,
store and product portfolio rationalizations, and sales
enhancement. He holds an MBA from the Wharton
School at the University of Pennsylvania and bachelor’s
and master’s degrees from Oxford University.
Holly Felder Etlin, CTP, is a managing director in
AlixPartners LLP’s Turnaround & Restructuring practice.
She is a seasoned executive with 30 years of experience
in providing restructuring and reorganization
services for companies and their creditors in the retail,
media, distribution, consumer products, financial
services, and healthcare industries. In 2007, she was
recognized by TMA with a Turnaround of the Year
Award for the successful restructuring of Winn-Dixie
Stores Inc. In 2014, Etlin was named Woman of the
Year in Restructuring by the International Women’s
Insolvency and Restructuring Confederation (IWIRC).
The opinions expressed in this article are those of the authors and
do not necessarily reflect the views of AlixPartners LLP; its affiliates;
or any of its or their respective other professionals or clients.
includes hours in a boardroom with
store operations, real estate, finance,
and senior management pouring
over maps, store-level profitability
analysis, lease documents, and
notes from landlord discussions.
However painful and time-consuming
the process may be, it is best achieved
using the tools, methodologies, and
approaches of those that have gone
before. Although store closures alone
will never provide the basis for an
effective turnaround, they are often one
of the single largest short-term levers
available to improved EBITDA and
therefore remain an essential part of
refocusing around a defensible core. J
1 CoStar Group estimated there was 56.4 sq. ft.
per person in 2010. sandiego.edu/business/
2 The AlixPartners Retail Bankruptcy Study
included all resolved retail bankruptcy
filings between January 1, 2006, and June
30, 2015, with over $50 million in liabilities.
Restaurants and grocers were excluded.
Repeat filings were included even if liabilities
were below $50 million in the second filing.
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