The retail industry has seen a significant transformation over the past decade. While some companies have been able to pivot and survive, others have struggled to adapt to the new landscape—resulting in a long line of insolvent and bankrupt retailers. However, Basler—with the help of its BTG GA partners—shows there can be life after liquidation.
The so-called retail apocalypse keeps claiming victims. To date, in 2019, we’ve seen major brands such as Payless, Charlotte Russe, Gymboree and Diesel—to name just a few—file for bankruptcy. The retail sector is clearly undergoing significant change but the outcomes are not always doom and gloom.
When the German based high-end women’s fashion chain, Basler, needed to restructure—firms from the BTG Global Advisory (BTG GA) played a pivotal role in the global restructuring and liquidation. At its peak, Basler had over 50 own-brand stores and more than 1,100 people employed worldwide—with stores in Germany, France, Romania, the UK, the US, and Australia.
PLUTA, a member of BTG GA, acted as restructuring adviser in Germany and enlisted the help of other BTG GA firms in several countries, including: Zalis in France—who largely handled Basler’s restructuring there—BTG Advisory in the UK who supported Basler’s management, and GlassRatner led an out-of-court restructuring process in the USA.
This case is a great example of how the BTG Global Advisory firms can mobilize, seamlessly collaborate and deliver cross-border solutions for clients. More importantly, it illustrates there is life after liquidation.
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As the Canadian member firm of BTG GA, one of the world’s largest specialist financial advisory alliances, Farber is well-positioned to offer cross-border solutions. Contact Allan Nackan to discuss how we can help deliver effective global restructuring solutions.
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Allan Nackan is a Partner at Farber and co-leads the firm’s Restructuring practice. His practice focuses on corporate insolvency and restructuring, financial advisory services, cross-border restructuring, fraud investigations and forensic accounting. Allan can be reached at 416.496.3732 and firstname.lastname@example.org.