New Chapter 11 Filing - Marbles Holdings LLC

Marbles Holdings LLC

  • 2/6/17 Recap: The Chicago-based brainiacs behind the specialty retailer that sells games, puzzles, books and software apparently weren't smart enough to run a sustainable business. Consequently, Marbles Holdings filed a Chapter 11 to find a buyer for certain assets and liquidate the remainder. A proposed sale of IP and a wind-down of the 37 mall-based locations (including one in the ultimate "tourist mall," the World Trade Center, and many others in the, cough, "A Malls" owned by Westfield, Simon Properties, and General Growth Properties) and six in-store concept stores within Macy's will be funded pursuant to a $900k DIP. Choice quote in the first day declaration, "It is likely that other retailers may commence chapter 11 cases in the near term." Ominous. 
  • Jurisdiction: N.D. of Illinois
  • Capital Structure: ~$17.5mm secured debt (Amzak Capital Management, AMPR Marbles Investors LLC)
  • Company Professionals:
    • Legal: Adelman & Gettleman LLP (Howard Adelman, Henry Merens, Erich Buck, Alexander Brougham)
    • Liquidator: Gordon Brothers Retail Partners LLC
    • Investment Banker: Hilco IP Services LLC d/b/a Hilco Streamback
    • Claims Agent: Garden City Group LLC
  • Other Parties in Interest
    • Amzak Capital Management
      • Legal: Holland & Knight LLP (Barbra Parlin)

Updated 2/10/17

New Chapter 11 Bankruptcy Filing - Limited Stores Company LLC

Limited Stores Company LLC

  • 1/17/17 Recap: Sun Capital owned multi-channel retailer with 250 locations (down from a peak of 750) filed for bankruptcy to continue its Hilco-assisted liquidation and sell its IP and e-commerce channel for a proposed ~$25.5mm sum to Sycamore Partners. Looks like some "A Malls" owned by Simon Property Group and GGP Limited Partnership just got nicked.  
  • Jurisdiction: D. of Delaware
  • Capital Structure: $50mm RCF (unfunded, BofA), $13.4 TL (Cerberus Business Finance LLC)   
  • Company Professionals:
    • Legal: Klehr Harrison Harvey Branzburg LLP (Domenic Pacitti, Michael Yurkewicz)
    • Financial Advisor: RAS Management Advisors LLC (Timothy Boates)
    • Investment Banker: Guggenheim Securities LLC (Durc Savini, Ryan Mash, Michael Gottlieb, Ben Loveland, Justin Kundrat, Grace Dai)
    • Sponsor: Sun Capital Partners Inc.
    • Claims Agent: Donlin Recano (*click on company name for docket)
  • Other Parties in Interest:
    • Cerberus Business Finance LLC
      • Legal: Klee Tuchin Bogdanoff & Stern LLP (Michael Tuchin, David Fidler, Jonathan Weiss)
    • Sycamore Partners
      • Legal: Kirkland & Ellis LLP (James Stempel)
    • TradeGlobal LLC
      • Legal: Squire Patton Boggs (US) LLP (Elliot Smith) & (local) Polsinelli PC (Christopher Ward)
    • Official Committee of Unsecured Creditors
      • Legal: Kelley Drye & Warren LLP (Jason Adams, James Carr, James Shickich, Kristin Elliott) & Pachulski Stang Ziehl & Jones LLP (Bradford Sandler, James O'Neill)
      • Financial Advisor: CBIZ Accounting Tax and Advisory of New York (Esther DuVal)

Updated 3/30/17