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C Street Advisory Group serves as strategic communications counselor to Careismatic Brands, which filed for Chapter 11 on Jan. 22.
Careismatic, the world’s largest provider of medical apparel and footwear, took a hit with the big drop off in demand following the end of COVID-19 pandemic.
The Santa Monica-based company chalked up $687M in 2021 revenues, which was up 38 percent from the pre-pandemic $498M level in 2019.
Revenues came in at $559M last year.
The restructuring will eliminate $833M in Careismatic debt, reduce its interest expense burden and enable it to push its transformation plan.
CEO Sid Lakhani called the Chapter 11 move “an important step forward that will enable us to continue to execute key strategic initiatives and achieve long-term profitable growth."
C Street's Careismatic team includes Jon Henes, Jackie Rubin, Luke Wolf, Ashley Roth, Isabel Baer and Samantha Weitz.
As capital concentrates among established firms, emerging managers must find new ways to earn investor confidence.
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