Province’s experience spans across a diverse array of retail and consumer product engagements, including mandates in the apparel, beauty, brand management, electronics, footwear, entertainment, personal care and restaurant sectors. Province is consistently retained to provide both in- and out-of-court financial advisory services to companies, unsecured creditors’ committees, secured lenders and liquidating trustees. We are called upon to serve parties in the most complex and widely recognized retail bankruptcies, including the Unsecured Creditors’ Committee of Revlon, Inc. and the Ad Hoc Group of Second Lien Lenders of Sequential Brands, among many others.
Corporate Advisory
- Vendor & Landlord Negotiations
- 13-Week Cash Flow Budgeting
- Liability Management
- Inventory Management
- 363 Sale Processes
Secured & Unsecured Creditor Advisory
- Intercompany / Waterfall Analysis
- DIP Financing Negotiation
- Business Plan Assessment
- Benchmarking Analyses
- Fraudulent Transfer Investigation
- Four-Wall Analysis
Fiduciary / Trustee
- Claims Administration, Reconciliation, and Objection
- De Minimis Asset Monetization
- Damages Calculation
- Valuation & Solvency Analysis
Revlon, Inc. is a global leader in the beauty industry, with a diverse portfolio of brands, including the iconic Revlon and Elizabeth Arden brands, spanning multiple beauty segments. Province was retained as financial advisor to the Official Committee of Unsecured Creditors to investigate prepetition actions of the Debtors and assess restructuring feasibility in order to confirm a plan.
Role
Financial Advisor to the Official Committee of Unsecured Creditors
Date
June 2022 – present
Sector
Retail
Founded in 1921, RadioShack is an electronics retailer that, at its peak, boasted nearly 7,500 locations across North America. Province was selected to represent the Ad Hoc Landlord Committee, which was formed to work with RadioShack during its restructuring. The goal of Province’s involvement was to work closely with RadioShack’s senior management, counsel and financial advisor to develop a reorganization strategy. Province’s key responsibilities included short- and long-term liquidity assessments, four wall analyses of all locations, modeling various financing proposals and participating in negotiations with creditors. After filing, Province was hired as liquidating trustee and financial advisor and tasked with transitioning processes and data, managing day-to-day operations and maximizing recoveries.
Role
Financial Advisor to the Ad Hoc Landlord Committee & Liquidating Trustee
Date
September 2015 – present
Sector
Retail
Sequential Brands Group was a US-based licensed brand retailer with more than a dozen domestic and international brands in the activewear and lifestyle categories. When COVID-19 accelerated a secular and structural change in the retail and consumer products industry, it caused a degradation in the company’s free cash flow, ultimately causing it to file for bankruptcy. Province served as the financial advisor to the Second Lien Lenders and utilized a private equity style operational approach to diligence and determine the value of the company’s athletic and lifestyle brand portfolio. As a result, Province successfully executed four separate 363 sales and enhanced recoveries for the Second Lien Lenders.
Role
Financial Advisor to the Second Lien Lenders
Date
June 2020 – January 2022
Sector
Retail
Guitar Center is a leading national omnichannel retailer of musical instruments. In 2020, Guitar Center was dealing with a highly levered capital structure, and the store closures prompted by the COVID-19 pandemic caused a material liquidity strain on the company as it began building its inventory for the oncoming holiday season. These factors ultimately caused Guitar Center to file for chapter 11 bankruptcy. Province was hired to serve as the financial advisor to the Ad Hoc Group of Senior Secured Noteholders, with the responsibility of negotiating the terms of the restructuring and DIP Facility for the client. Province ultimately negotiated a solution that would deleverage the company by $800M and provide the company with a manageable capital structure. This case is a prime example of Province combining its investment banking, financial advisory and operating expertise to assist its client in achieving a successful outcome.
Role
Financial Advisor to the Ad Hoc Group of Senior Secured Noteholders
Date
September – December 2020
Sector
Retail