Neiman Marcus Offers Lessons for Retail Restructuring in the COVID-19 Era
By Denise Kaloudis, Managing Director, Stretto & Matthew Fagen, Partner, Kirkland & Ellis LLP
As the COVID-19 pandemic continues to wreak havoc on the economy, corporate restructuring has provided a strategic alternative for many retailers. Coming as it did amid an already fragile retail environment, the pandemic pushed more than three dozen retailers into Chapter 11 bankruptcy in 2020,...
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Denise Kaloudis is a managing director with Stretto. She brings significant Chapter 11 expertise to her role based on her nearly 20 years combined experience as a former corporate restructuring attorney and turnaround planning expert. Kaloudis leverages her diverse skill set to outline multifaceted, nimble solutions tailored to individual client needs. She holds a bachelor’s degree in classics and anthropology from New York University and a law degree from Brooklyn Law School.
Matthew Fagen is a restructuring partner in the New York office of Kirkland & Ellis LLP. He represents debtors and creditors in out-of-court restructurings and Chapter 11 cases. Among his recent cases, Fagen represented Neiman Marcus Group Ltd. LLC and affiliates in their prearranged Chapter 11, which resulted in restructuring $5.5 billion of funded indebtedness. Fagen holds a bachelor’s degree in applied economics and management from Cornell University and a law degree from New York University School of Law.