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Kirkland & Ellis

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Bed Bath & Beyond Inc. Files Voluntary Chapter 11 Petitions

by Katie Lee

Union, N.J. — Bed Bath & Beyond Inc., along with certain of its subsidiaries, has filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey to implement an orderly wind down of its businesses. The 360 Bed Bath & Beyond and 120 buybuy BABY stores and websites will remain operational as the company begins its efforts to effectuate the closure of its retail locations. The company has received a commitment of approximately $240 million in …

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David’s Bridal Files for Bankruptcy Protection Ahead of Potential Sale

by Katie Lee

Conshohocken, Pa. — David’s Bridal LLC and some of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. Both the brand’s nearly 300 physical stores, as well as its online platforms, will remain open and operational, according to the company. The Conshohocken, Pa.-based retailer is seeking customary “first-day” relief authorizations from the United States Bankruptcy Court for the District of New Jersey to continue payment of employee wages and benefits, maintain certain customer programs and honor vendor obligations. The company had previously filed …

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Washington Prime Group Files for Chapter 11 Bankruptcy Amid Pandemic-Related Struggles

by Katie Lee

Columbus, Ohio — Washington Prime Group, an Ohio-based owner-operator of regional malls and shopping centers, has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas. WPG cited insurmountable operating challenges tied to the COVID-19 pandemic as the primary catalyst behind the move. Against that backdrop, both CNBC and Reuters reported that many of the company’s tenants were unable to pay rent at various points in time over the last 16 months as public health mandates and lockdowns decimated foot traffic throughout the brick-and-mortar …

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Express, Inc. Receives $140 Million in Additional Financing to Bolster Liquidity

by Katie Lee

Columbus, Ohio — Fashion apparel retailer Express, Inc. has entered into a definitive loan agreement with Sycamore Partners as lead lender, along with Wells Fargo and Bank of America Merrill Lynch, that strengthens its liquidity position by an additional $140 million. The new financing includes a $90 million FILO Term Loan with a maturity date of May 24, 2024, and a $50 million Delayed Draw Term Loan, to be repaid upon receipt of a CARES Act tax refund expected to be received in the second quarter of 2021. This financing …

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Pier 1 Files Voluntary Chapter 11 Bankruptcy

by Katie Lee

Fort Worth, Texas — Pier 1 Imports, Inc. is pursuing a sale of the company. To facilitate an orderly sale process and implement the PSA, the company and its subsidiaries have commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Eastern District of Virginia. The company also intends to use this process to complete the previously announced closure of up to 450 store locations, which includes the closure of all its stores in Canada. To date, the company has closed or initiated going-out-business sales at over 400 …

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