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Financial PR firm Reevemark is handling the Chapter 11 filing of Payless ShoeSource, which is liquidating 2,500 stores in the US and Canada and tossing 16,000 people out of work with the end of May completion of the retail wind-down.
Stephen Marotta, who took the Payless chief restructuring officer post in January, said management worked diligently with suppliers and partners to “position for the future amidst significant structural, operational and market challenges.”
That effort fell short, which Marotta blamed, in part, on the 2017 reorganization of Payless, which left it with “too much remaining debt, too large a store footprint, and a yet-to-be realized systems and corporate overhead structure consolidation.”
Payless will continue to operate 420 stores in 20 countries.
Golden Gate Capital and Blum Capital took Payless private in a $1.3B deal in 2012. Alden Global Capital is the current majority owner.
Five Sard Verbinnen & Co executives launched Reevemark last year.
Reevemark’s Paul Caminiti, Hugh Burns, Delia Cannan and Molly Curry work the Payless revamp.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
Tod Donhauser, a nine-year veteran of Edelman, has joined H/Advisors Abernathy as managing director and head of its San Francisco office.
Intelligent Group Ltd, a Hong Kong-based financial PR firm, has priced its initial public offering of 1.9M shares at $4, which is the low end of the $4 to $5 range.
Kekst CNC represents Grant Thornton as it sells a majority stake in its US arm to New Mountain Capital, which relies on Goldin Solutions, in what is billed as the largest PE investment in the accounting and advisory sector.
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